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Vegoils: Malaysian palm oil extends losses, hits one-month low

Reuters  |  JAKARTA 

By Kanupriya KapoorJAKARTA (Reuters) - Malaysian palm oil futures extended a downward trend, closing 0.3 percent lower on Monday as weak demand weighed on prices.The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange hit a low of 2,345 ringgit ($588) before recovering to close at 2,358 ringgit ($592) by the end of trade, the lowest since May 7.Trading volumes were thin at 25,645 lots of 25 tonnes each. David Ng, a palm trader at Phillip Futures, said "lacklustre demand" was primarily to blame. "The imposition of export tax at 5 percent could dampen some ...

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First Published: Mon, June 11 2018. 16:39 IST
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