Palm oil falls on Malaysian export tax and concerns about Europe's deeper recession

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Source: Bloomberg
Palm oil decreased on Monday after a speculation that Malaysian stockpiles will hold close to its highest level as demand was reduced by 4.5% tax retained by the government and on concern that Europe might slid back into crisis after a levy on Cyprus's bank accounts. Palm oil for May delivery dropped 0.8% to 2,395 ringgit a metric ton on the Malaysia Derivatives Exchange, while the June contract fell 0.7% to 2,399 ringgit.

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