Palm oil falls over 1% as Malaysia maintains high export tax

KUALA LUMPUR: Malaysian palm oil futures fell over 1% on Thursday, reversing some of the previous session's sharp gains despite a rally in rival oils, as Malaysia raised its reference price for March export tax.

The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange slid 54 ringgit, or 1.49%, to 3,578 ringgit ($886.96) a tonne during early trade.

Palm had risen 2.7% in the previous session.