Malaysian palm oil price in sharpest daily drop in 3 months drops ss India raises tax on edible oils

Malaysian palm oil futures fell on Friday, in line for their sixth decline in seven sessions, weighed down by a stronger ringgit and expectations of rising production.

SINGAPORE: Malaysian palm oil futures fell to their lowest in three months on Monday evening as sentiment took a hit from India's move to raise import tax on edible oils to its highest in over a decade.

India, the world's largest importer of edible oils, said it would raise import tax on crude palm oil to 30 percent from 15 percent and increase import tax on refined palm oil imports to 40 percent from 25 percent.