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Palm Oil Slumps to Three-Year Low as Stockpiles Reach Record

Palm, the world’s most consumed cooking oil, tumbled to the lowest level in more than three years amid record inventories in Malaysia and on signs that global supplies will be more than enough to meet demand.

Futures fell as much as 1.1 percent to 2,217 ringgit ($727) a metric ton on the Malaysia Derivatives Exchange, the lowest price since November 2009, and settled at 2,230 ringgit in Kuala Lumpur. Prices are heading for a 30 percent decline this year, the worst annual loss since the 2008 financial crisis.