Palm Oil Snaps Four-Day Rally on European Debt Crisis Concerns
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Palm oil snapped a four-day rally on renewed concern that Europe’s debt crisis will derail the global economic recovery, hurting demand for commodities.
The contract for delivery in April fell 0.7 percent to close at 2,549 ringgit ($825) a metric ton on the Malaysia Derivatives Exchange. Futures gained 5 percent in the four sessions through yesterday, closing at a three-month high after the Malaysian government said exports may be allowed at zero duty for a third month in March.