Palm Oil Little Changed as Tax Proposal Counters Price Forecast
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Palm oil closed little changed as speculation that Malaysian shipments may increase after a proposed export-tax cut countered a bearish price prediction from Dorab Mistry, director of Godrej International Ltd.
The contract for December delivery ended at 2,352 ringgit ($769) a metric ton on the Malaysia Derivatives Exchange. Futures swung between gains of 2.3 percent and losses of 1.3 percent. Prices are heading for a 7.6 percent drop this week.