Palm at 3-week lows on weak crude, falling demand

KUALA LUMPUR, Jan 29 (Reuters) - Malaysian crude palm oil fell 2.1 percent to more than three-week lows on Thursday, pressured by weak crude and slowing shipments, although traders said drought hurting South American soyoil could spur demand.
Palm oil, used in products ranging from biscuits to biofuel, have soared by a third from an Oct. 28 low of 1,331 ringgit thanks to falling domestic stockpiles but have failed to stay above 1,800 ringgit due to volatile crude markets and long Lunar New Year holidays.