Palm Oil Declines as Drop in Crude Reduces Appeal of Biofuels
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Palm oil declined from a seven-week high as crude oil traded near the lowest price in four weeks, cutting the appeal of vegetable oils as biofuel feedstock.
The contract for August delivery fell 1.1 percent to close at 2,372 ringgit ($772) a metric ton on the Bursa Malaysia Derivatives, the biggest decline for the most active futures since April 29. Futures ended at 2,399 ringgit yesterday, the highest level at close since April 8.