Palm oil dropped from a three-week high on concerns over a decline in exports from the second-biggest grower Malaysia. Shipments fell more than 26% from a month earlier in the first five days of December, according to data compiled by cargo surveyor Intertek Testing Services. A Bloomberg survey this week estimated that exports slumped in November as well. There are worries about a sluggish pace of exports from Malaysia, said a senior trader. Some investors are also taking profits after palm’s recent rally, he said. (Source:Bloomberg)
