Palm oil records lowest price in 3 months on weak demand

Palm oil fell to its lowest level in almost three months due to concerns about weak demand and rising production, with losses in soybean oil putting further pressure on the tropical oil.

The benchmark palm oil contract is down by 1.83 percent to 3,652 ringgit a ton, which is the lowest level since June 27. Moreover, soybean oil fell for a fourth day to the lowest since August.

Malaysia, the world’s second largest palm exporter, calculated the standard price for the next month at 3710.50 ringgit per ton, down from 3755.13 ringgit per ton in the current month.