Palm falls as India imposes higher import tax on edible oils
Malaysian palm oil futures slipped on Tuesday after the market reopened following a holiday, as a decision by India, the world’s biggest importer of edible oils, to raise its import tax on edible oils weighed on sentiment.
The benchmark palm oil contract FCPOc3 for December delivery on the Bursa Malaysia Derivatives Exchange was down 59 ringgit, or 1.56%, at 3,716 ringgit ($869.24) a metric ton, as of 0315 GMT.
The contract lost 2.2% last week.
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