Additional foreign taxes seen making palm oil less competitive

The palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose as much as 0.82 percent to 2,568 ringgit a tonne, its highest since May 19, 2014, before settling down 0.6 percent 2,531 ringgit ($610.62) per tonne. Traded volume stood at 48,968 lots of 25 tonnes each.

PETALING JAYA: A poser to the current rise in crude palm oil (CPO) prices is the potential imposition of additional taxes on palm oil by Russia and France this year.

Analysts said this would deem palm oil to be less competitive compared with other edible oilseeds like soybean.