Palm oil hits near 1-month low on lean exports, losses in soyoil

Malaysian palm oil futures extended declines on Tuesday to hit their lowest in nearly a month, weighed down by lacklustre export demand and overnight losses in the U.S. soyoil market.

The palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was down 0.95 percent at 2,386 ringgit ($601.01) a tonne at the midday break. Earlier in the session, the contract hit 2,382 ringgit, its lowest since May 8.

Trading volume stood at 11,875 lots of 25 tonnes.

"Ramdan buying has fizzled out. Fresh export orders are not coming in at the expected pace," said a Kuala Lumpur-based palm trader said.

Buyers typically stock up palm oil a month before Ramadan, which began in mid-May this year.

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