Malaysian palm oil price down 2% on weaker crude and related oils

Malaysia has set a 5% tax on CPO export this month after a four-month suspension. The tax was calculated based on the palm oil reference price of RM2,409.66 per tonne for May. Any price above RM2,250 incurs a tax

KUALA LUMPUR: Malaysian palm oil futures fell as much as 1.9 percent on Monday evening, hitting their lowest in more than a week, tracking losses in crude and weaker related edible oils.

The palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was down 1.5 percent at 2,418 ringgit ($607.54) a tonne at the close of trade. It had touched an intraday low of 2,408 ringgit, its weakest since May 17.