Malaysian palm oil falls over 2 percent

Malaysian palm oil futures fell for a second straight session on Friday, hit by weak demand from India and China, with a strengthening ringgit also weighing on prices. The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange fell 2.2% to 2,862 ringgit per tonne. The contract was up 0.9% this week, after slumping 9.5% in the previous week.

Waning demand from China due to a week-long Lunar New Year holiday, coupled with fewer buyers from India, dragged down prices, said Anilkumar Bagani, research head at Sunvin Group, a Mumbai-based vegetable oil broker.