Palm oil lower

KUALA LUMPUR: Malaysian palm oil futures slumped to a more than six-month closing low on Thursday tracking losses in rival edible oils, while caution as investors gauged the US Federal Reserve’s comments also weighed on sentiment. The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange slid 93 ringgit, or 2.54%, to 3,571 ringgit ($808.65) a tonne, hitting its lowest closing since Oct. 4. The market mirrored a sharp overnight drop in soybean oil, but buying interest appeared after the contract touched the day’s low of 3,597 ringgit, a Kuala Lumpur-based trader said.