Palm oil falls as India import tax hike hits sentiment

Malaysian palm oil futures fell to a two-week low in late trade on Tuesday, dropping nearly 1 percent as the market was weighed down by expectations of rising production.

KUALA LUMPUR: Malaysian palm oil futures fell on Monday for the first time in five sessions as sentiment took a hit from India's plans to raise import taxes on crude and refined edible oils.

    India, the world's largest buyer of vegetable oils, doubled the import tax on crude palm oils to 15 percent on Friday and raised the import tax on refined palm oils to 25 percent to protect local oilseed farmers from cheaper imports from top suppliers Malaysia and Indonesia.