Palm Oil Ends Near Lowest This Year on Falling Biofuel Appeal
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Palm oil ended unchanged as speculation that a decline in crude oil prices will reduce the demand for biofuels countered optimism that food demand may increase after futures dropped to the lowest level this year.
The contract for July delivery, the most active by open interest and volume, closed at 2,301 ringgit ($757) a metric ton on the Bursa Malaysia Derivatives. Futures for June delivery ended at 2,293 ringgit yesterday, the lowest level for the most-active price since Dec. 17.