Palm Oil Drops as Malaysian Shipments Seen Falling on Export Tax
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Palm oil fell for the first time in four days on speculation that exports from Malaysia, the world’s second-largest producer, may decline for a fifth month as a tax on shipments curbs demand.
The contract for May delivery lost 1.6 percent to 2,411 ringgit ($776) a metric ton on the Malaysia Derivatives Exchange, the steepest drop at close since Feb. 26. Futures have lost 27 percent in the past year on rising global oilseed supplies and slowing demand.