27.06.2019 (The Edge Markets MY) - SINGAPORE (June 27): Malaysian palm oil futures slid for a sixth consecutive session on Thursday with prices trading near seven-month low, weighed down by slowing demand.

The benchmark third month palm oil contract on the Bursa Malaysia Derivatives Exchange finished down 0.2%, or RM3, at RM1,963 (US$473.93) per tonne.

"Demand is slowing down but we don't see a major downside from here. Prices are likely to be locked in a range," said a Kuala Lumpur-based trader. "The focus going forward is the Indian monsoon and excessive rains in the United States."

Monsoon rains have covered most parts of cane, cotton, and soybean fields in western India and some parts of rice-sowing areas in central and northern India, the country's weather office said.

After a limping start, rains have covered nearly half of the country.

In the United States, excessive rains and flooding have resulted in historic delays in planting corn and soybeans across the Midwest, raising concerns over supplies. But the weather is expected to improve over the next week.

The palm oil market has faced pressure from slowing demand.

On Tuesday, cargo surveyors Societe Generale de Surveillance and Intertek Testing Services said exports of Malaysian palm oil products for June 1-25 fell 15.3% and 17.8% month-on-month, respectively.

Chicago corn and soybeans rose, although gains were checked by favourable weather forecasts for the US Midwest grain belt which eased fears of widespread crop losses.

The most-active Chicago Board of Trade soyoil contract added 0.3% and China's Dalian soybean oil prices gained 0.7%.

(US$1 = RM4.1420)