Palm Oil Slumps Most in 15 Months as China Moves to Curb Prices
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Palm oil plunged the most in more than 15 months on concern that China’s plans to cool domestic prices by selling cooking-oil stockpiles will reduce demand from the world’s biggest user of the commodity.
The contract for delivery in February fell 4.3 percent to 3,184 ringgit ($1,026) a metric ton at close on the Malaysia Derivatives Exchange in Kuala Lumpur, the most since Aug. 17, 2009. September-delivery futures on the Dalian Commodity Exchange lost as much as 3.3 percent to 8,538 yuan ($1,286) a ton, before closing at 8,558 yuan.