Palm oil price reverses gains as India puts import tax cut plans on hold

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed down 34 ringgit, or 1%, to 3, 370 ringgit ($814.40) a tonne after Reuters reported India's plan to put import tax cuts on hold.

SINGAPORE: Malaysian palm oil futures reversed earlier gains to fall 1% on Thursday, as top buyer India put its import tax cut plans on hold, although a weaker ringgit limited further losses.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed down 34 ringgit, or 1%, to 3, 370 ringgit ($814.40) a tonne after Reuters reported India's plan to put import tax cuts on hold.