The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange slid 1.3 percent to 2,369 ringgit ($609.55) a tonne at the end of the trading day.
The market earlier fell to 2,368 ringgit, its lowest level since May 12.
Trading volumes stood at 43,439 lots of 25 tonnes each at the close of trade.
"The market is expecting reducing exports for now," said a futures trader from Kuala Lumpur, referring to Malaysian palm oil shipment data indicating slowing demand growth.
Exports of Malaysian palm oil products for April 1-15 rose 5 to 6 percent from the corresponding period in March, inspection company AmSpec Agri Malaysia and cargo surveyor Societe Generale de Surveillance reported on Monday.
Demand growth slowed after rising 25 to 32 percent in exports from April 1-10.
Traders said palm oil was also tracking weakness in related edible oils, such as overnight US soyoil on the Chicago Board of Trade and China's Dalian Commodity Exchange.
Palm oil prices are affected by movements in rival edible oils, as they compete for a share in the global vegetable oils market.
The Chicago Board of Trade's May soybean oil contract fell 0.5 percent in trade on Friday, and was last down 0.5 percent as well on Monday.
In other related oils, May soybean oil on China's Dalian Commodity Exchange fell 0.4 percent, while the Dalian May palm oil contract dropped 0.6 percent.
Palm oil might fall to 2,382 ringgit per tonne, as it has broken a support at 2,401 ringgit, according to Reuters market analyst for commodities and energy technicals Wang Tao.