SINGAPORE: Malaysian palm oil futures slid for a sixth consecutive session on Thursday with prices trading near seven-month low, weighed down by slowing demand.

The benchmark third month palm oil contract on the Bursa Malaysia Derivatives Exchange finished down 0.2 per cent, or 3 ringgit, at 1,963 ringgit ($473.93) per tonne. `Demand is slowing down but we don`t see a major downside from here. Prices are likely to be locked in a range,` said a Kuala Lumpur-based trader.

`The focus going forward is the Indian monsoon and excessive rains in the United States.` Monsoon rains have covered most parts of cane, cotton, and soybean fields in western India and some parts of rice-sowing areas in central and northern India, the country`s weather office said. After a limping start, rains have covered nearly half of the country.-Reuters