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Vegoils: Malaysian palm oil slides to near two-year low

Reuters  |  JAKARTA 

By Kanupriya KapoorJAKARTA (Reuters) - Malaysian palm oil futures dropped more than 1 percent to their lowest in nearly two years on Tuesday, weighed down by the government's decision to maintain an export tax for July and due to lacklustre demand.The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange dropped 1.44 percent to 2,326 ringgit ($583.25 per tonne by the close of trade, the lowest since August, 2016. Prices dropped as low as 2,323 ringgit during the day and trading volumes stood at 59,383 lots of 25 tonnes each.Malaysia, the world's ...

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First Published: Tue, June 12 2018. 16:38 IST