KUALA LUMPUR: Malaysian palm oil futures fell on Monday evening, hitting a two-week low and a third straight session of declines due to weaker crude oil prices and a technical correction.

Benchmark palm oil futures for November on the Bursa Malaysia Derivatives Exchange fell 1.4 per cent to 2,517 ringgit ($623) per tonne at the end of the trading day.

It earlier reached an intraday low of 2,512 ringgit, its weakest level since Aug 12.

Palm was slightly up on a weaker ringgit in early trade on Monday.

Traded volumes stood at 36,774 lots of 25 tonnes each, below the 2015 average of 44,600.

A trader had earlier said lower crude oil would limit palm’s upside, and another said palm is retracing on a technical correction.

Published in Dawn, August 30th, 2016