Malaysian palm oil futures fell for a fifth straight session on Friday, marking a full week of losses, as lower export data weighed on market sentiment despite a weaker ringgit and falling stockpiles.
Weakness in the ringgit, the currency palm oil is traded in, typically supports prices since it makes the vegetable oil cheaper for holders of foreign currencies. The currency fell 0.5 percent on Friday against the dollar to 4.0640.
The palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was down 0.3 percent at 2,580 ringgit ($635) per tonne on Friday evening, down 3.2 percent for the week.
Traded volumes stood at 43,321 lots of 25 tonnes each in the evening, versus a 2015 average of 44,600 lots traded daily.
"The market fell as export numbers were not too supportive," said a trader based in Kuala Lumpur, referring to shipment data from cargo surveyors.
Intertek Testing Services reported a 5.9 percent drop in exports of Malaysian palm oil for the first 10 days of June from the corresponding period in May, while Societe Generale de Surveillance showed a 10.3 percent fall.
Palm was earlier up on bullish expectations for May end-stocks data from industry regulator the Malaysian Palm Oil Board (MPOB). Inventories at the end of May fell 8.8 percent to
1.65 million tonnes from 1.80 million tonnes at the end of April, while exports rose 9.3 percent on Ramadan demand, the MPOB said after the close of morning trading.
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