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.
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.