Palm drops over 1% on weaker crude, rival edible oils

KUALA LUMPUR: Malaysian palm oil futures slipped more than 1% on Tuesday, snapping gains from the previous session, as weakness in crude oil prices and rival edible oils weighed on the market amid hopes of a US-Iran peace resolution. The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange slid 66 ringgit, or 1.45%, to 4,489 ringgit ($1,134.73) a metric ton in early trade. The contract gained 0.37% in the previous session.

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