KUALA LUMPUR: Malaysian palm oil futures fell to a one-week closing low in quiet trade on Tuesday, weighed by data showing weakening export demand in December.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell 59 ringgit, or 1.5%, to 3,870 ringgit ($873.59) a tonne, its lowest closing since Dec. 12.

Total market volume has declined sharply in the past week to its lowest since March 28.

Exports from Malaysia during Dec 1-20 fell 4% from the previous month to 952,592 tonnes, cargo surveyor ITS said.

Another cargo surveyor Amspec Agri Malaysia said exports during the period was unchanged from a month ago.

Palm edges up on flood risk in Malaysia, China worries cap gains

Prices had risen as much as 1.7% earlier in the day on concerns over supply amid the monsoon season in Malaysia, the world’s second-largest palm oil producer.

Wet weather conditions in the country has raised flooding risks, disrupting supplies in the near term, Refinitiv Agriculture Research said in a note late on Monday.

Dalian’s most-active soyoil contract fell 0.7%, while its palm oil contract eased 0.7%. Soyoil prices on the Chicago Board of Trade were down 0.2%.