Palm oil cuts through RM2,000 to lowest in over 3 years

Palm oil cuts through RM2,000 to lowest in over 3 years
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SINGAPORE (Nov 14): Benchmark palm oil futures in Kuala Lumpur plunged through the psychological support level of RM2,000 a metric ton to the lowest intraday price since August 2015.

* Follows 7.1% slump in New York crude oil futures overnight, worst one-day drop in 3 years

* Drop in petroleum prices makes palm oil less competitive in diesel fuel

* Palm for Jan. delivery, most active contract, fell as much as 2% to 1,967 ringgit, and traded at RM1,969 by 10:42am 

* Expanding inventories in Indonesia and Malaysia, world’s top producers, and slowing exports have weighed on market

* Prices -21% YTD