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Palm slumps nearly 7% on weaker rival oils

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By Reuters

JAKARTA: Malaysian palm oil futures fell nearly 7% on Monday, tracking weakness in rival edible oils amid recession fears, and after a leading analyst warned prices would plunge by more than 30% by the end of this year due to ample supply and weaker demand.

Malaysian palm oil falls

The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange dropped 6.85% to trade at 3,480 ringgit ($757.18) a tonne in early session, down for a third straight session.

Palm oil market

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