Malaysian palm oil price hits 2-week low as India raises import tax

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was down 0.2% at 2,182 ringgit per tonne at the close of trade. It earlier fell as much as 1.1% to 2,163 ringgit, its lowest since Aug. 21.

KUALA LUMPUR: Malaysian palm oil futures closed slightly lower on Thursday, having hit their weakest level in two weeks after top edible oil importer India raised the tax on refined palm oil from Malaysia to 50% from 45% for six months.

The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was down 0.2% at 2,182 ringgit per tonne at the close of trade.