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Vegoils: Malaysian palm oil hits five-week low on lean demand

Reuters  |  JAKARTA 

JAKARTA (Reuters) - Malaysian palm oil futures extended losses to a five-week low on Tuesday, weighed down by the government's decision to maintain export tax for July and on lacklustre demand.The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell 0.42 percent to 2,350 ringgit ($589.42) per tonne in morning trade, the lowest since May 4. Trading volumes stood at 17,675 lots of 25 tonnes each.Malaysia, the world's second-largest palm oil producer, kept its crude palm oil export tax at 5 percent in July. The tax was resumed in May, after a ...

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First Published: Tue, June 12 2018. 12:25 IST