RAM also said the increase in Indian import duties on rival soybean oil in June 2018 was also expected to reverse the downtrend in palm oil exports for Malaysia and Indonesia.
KUALA LUMPUR: Malaysian palm oil futures declined at their sharpest daily rate in two weeks by the end of trade on Thursday, snapping two sessions of gains, on bearish official data on December inventories, production and exports.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell 0.9 percent to 2,163 ringgit ($528.21) a tonne at the close of trade, its biggest daily decline since Dec. 26 and coming off a near three-week high it hit in the previous trading session.
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