KUALA LUMPUR: Malaysian palm oil futures slipped to a near three-week low on Wednesday, tracking volatile soyoil markets overseas.

Cargo surveyor Intertek Testing Services reported that exports of Malaysia’s palm oil products rose 1.3pc to 1,220,882 tonnes in April compared with a month earlier, as higher imports from the world’s top edible oil consumers India and China offset weaker demand in Europe.

But market players say palm oil demand will need to rise faster to lift prices, which dropped 0.4pc in April, its second straight monthly fall.

The benchmark July contract on the Bursa Malaysia Derivatives Exchange fell to 2,615 ringgit, the lowest since April 11, in late Wednesday trade, before settling at 2,622 ringgit ($804) per tonne by the day’s close, down 0.5pc.

Total traded volumes stood at 36,572 lots of 25 tonnes, above the average 35,000 lots.

The US soyoil contract for July fell 0.6pc in late Asian trade, while the most active September soybean oil contract on the Dalian Commodities Exchange was nearly flat.—Reuters