Palm Oil Drops After Rally to One-Year High Deemed Excessive
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Palm oil fell for the first time in four days as some investors deemed a rally to the highest level in more than a year as excessive.
The June-delivery contract declined 0.2 percent to close at 3,473 ringgit ($1,134) a metric ton on the Malaysia Derivatives Exchange. Futures reached 3,497 ringgit in intraday trading yesterday, the highest level since March 10, 2011. The commodity has rallied 9.4 percent this quarter.