Palm Oil Declines as Malaysian Export Tax Seen Curbing Demand
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Palm oil dropped on speculation that stockpiles in Malaysia will hold near a record as an export tax curbs demand and on concern that a levy on Cyprus’s bank deposits may throw Europe back into crisis.
The contract for May delivery, with the most open interest, declined 1.2 percent to close at 2,386 ringgit ($762) a metric ton on the Malaysia Derivatives Exchange. The June contract, with the highest volume, fell 1.4 percent to 2,383 ringgit.