Palm Oil Declines as India Changes Calculation of Import Taxes
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Palm oil dropped for the first time in three days as India ended a freeze on the taxable value of cooking oil imports and said it will revise it fortnightly on the basis of world prices, a move that will push up duties.
The contract for delivery in April, which has the largest volume, fell 2.1 percent to 2,378 ringgit ($789) a metric ton at the close on the Malaysia Derivatives Exchange after declining as much as 2.2 percent earlier.