Palm Oil Drops on Concern Demand to Decline Amid Record Reserves
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Palm oil fell after China canceled some soybean purchases, signaling weaker demand for vegetable oils in the world’s biggest buyer.
The contract for March delivery slid 0.5 percent to close at 2,330 ringgit ($763) a metric ton on the Malaysia Derivatives Exchange. Palm oil, which competes with soy, is heading for a 27 percent drop this year, the worst annual loss since the financial crisis in 2008, as stockpiles in Malaysia have climbed to a record.