KUALA LUMPUR: Palm oil futures fell for a third consecutive session to reach the weakest level in more than four months, tracking declining soyoil on Monday evening.

Benchmark palm oil futures for May delivery on the Bursa Malaysia Derivatives Exchange dropped 1.7 per cent at 2,723 ringgit ($612.60) a tonne by the end of the trading day. It earlier fell to 2,717 ringgit, its lowest since Nov 2.

Palm shed more than 3pc last week, its biggest single-day drop in three weeks on Friday due to weakness in rival soyoil and poor demand. Traded volumes stood at 65,176 lots of 25 tonnes each on Monday evening.

`Palm fell as soybean oil is cheap,` said a palm oil trader, rendering soyoil more competitive in relation to the tropical oil. Palm oil prices are impacted by the movements of related oils, including soyoil, as they compete for a share in the global vegetable oils market.

In related vegetable oils, soybean oil on the Chicago Board of Trade was down 0.4pc, while the May soybean oil contract on the Dalian Commodity Exchange fell 0.2pc.

The May contract for palm olein on the Dalian Commodity Exchange was up 0.7pc.-ReutersKUALA LUMPUR: Palm oil futures fell for a third consecutive session to reach the weakest level in more than four months, tracking declining soyoil on Monday evening.

Benchmark palm oil futures for May delivery on the Bursa Malaysia Derivatives Exchange dropped 1.7 per cent at 2,723 ringgit ($612.60) a tonne by the end of the trading day. It earlier fell to 2,717 ringgit, its lowest since Nov 2.

Palm shed more than 3pc last week, its biggest single-day drop in three weeks on Friday due to weakness in rival soyoil and poor demand. Traded volumes stood at 65,176 lots of 25 tonnes each on Monday evening.

`Palm fell as soybean oil is cheap,` said a palm oil trader, rendering soyoil more competitive in relation to the tropical oil. Palm oil prices are impacted by the movements of related oils, including soyoil, as they compete for a share in the global vegetable oils market.

In related vegetable oils, soybean oil on the Chicago Board of Trade was down 0.4pc, while the May soybean oil contract on the Dalian Commodity Exchange fell 0.2pc.

The May contract for palm olein on the Dalian Commodity Exchange was up 0.7pc.-Reuters