Malaysian palm oil price in biggest fall in 21 months as Indonesia axes export levy

At Monday's close, the benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was down 3.9 percent at 1,965 ringgit ($469.42) a tonne. That was its biggest one-day dip since Feb. 16 last year. Traded volumes stood at 53,531 lots of 25 tonnes each.

JAKARTA:Malaysian palm oil futures suffered their biggest fall in more than 21 months on Monday after Indonesia, the world's top palm oil producer, announced measures to increase shipments.

The sharp drop in palm oil prices in late trading was in direct response to the announcement that Indonesia will help palm oil exporters by reducing its export levy to zero from $50 a tonne previously, traders said.

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