JAKARTA: Malaysian palm oil futures fell for a third day on Monday to hit their lowest in 15 months, after a leading industry analyst warned that prices would plunge by more than 30% by the end of this year due to ample supply and weaker demand.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange dropped 5.09% to 3,546 ringgit ($770.70) per tonne by the end of the afternoon session.
It fell as much as 8.16% earlier in the session, hitting the lowest since June 28, 2021. The contract lost 8.87% over the last three trading days.
Malaysian palm oil prices will plunge to 2,500 ringgit by the end of December, weighed down by improving production, demand destruction and a slowdown in major economies, leading analyst Dorab Mistry said on Friday.
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