CPO futures reverses gains as India puts import tax cut plans on hold

SINGAPORE (Reuters) - Malaysian palm oil futures reversed earlier gains to fall 1% on Thursday, as top buyer India put its import tax cut plans on hold, although a weaker ringgit limited further losses.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed down RM34, or 1%, to RM3,370 a tonne after Reuters reported India's plan to put import tax cuts on hold.