(Jan 28): Malaysian palm oil futures fell on Thursday after rising to a 20-month high earlier in the day, giving up gains on the back of a stronger ringgit.
Palm hit a two-week low of RM2,408 last week before rising for three sessions to a 20-month top of RM2,512.
The palm oil contract for April on the Bursa Malaysia Derivatives Exchange closed 0.9% lower at RM2,480 (US$589.07) per tonne after hitting an intraday high of RM2,512, the most since May 28, 2014.
Traded volume stood at 45,869 lots of 25 tonnes each.
"The ringgit strengthened so it's a good opportunity for the correction," said a trader at a Kuala Lumpur-based brokerage.
"The market has traded from RM2,408 to a high of RM2,512, so it's normal to pull back a bit."
The ringgit gained 1% against the dollar to 4.210. A weaker ringgit, usually lends support to the vegetable oil by making it cheaper for holders of foreign currencies.
In related markets, crude oil prices rose above US$33 a barrel on the possibility that major producers may cooperate to offset production.
The US March soyoil contract gained 0.3%, while the May soybean oil contract on the Dalian Commodity Exchangerose 0.2%.
Palm, soy and crude oil prices at 1033 GMT
| Contract | Month | Last | Change | Low | High | Volume |
| MY PALM OIL | FEB6 | 2387 | -25.00 | 2382 | 2420 | 350 |
| MY PALM OIL | MAR6 | 2450 | -27.00 | 2435 | 2488 | 4619 |
| MY PALM OIL | APR6 | 2480 | -22.00 | 2469 | 2512 | 23547 |
| CHINA PALM OLEIN | MAY6 | 4742 | +28.00 | 4734 | 4772 | 943498 |
| CHINA SOYOIL | MAY6 | 5630 | +12.00 | 5620 | 5660 | 532372 |
| CBOT SOY OIL | MAR6 | 30.95 | +0.00 | 30.74 | 31.01 | 6670 |
| INDIA PALM OIL | JAN6 | 433.40 | +0.00 | 432.80 | 434.50 | 601 |
| INDIA SOYOIL | FEB6 | 615.50 | +3.40 | 612.20 | 617.70 | 23600 |
| NYMEX CRUDE | MAR6 | 32.63 | +0.33 | 31.74 | 32.88 | 85277 |
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in US cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in US dollars per barrel
(US$1 = RM4.2100)
(US$1 = 68.2100 Indian rupees)
(US$1 = 6.5754 Chinese yuan renminbi)
CBOT soy oil in US cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in US dollars per barrel
(US$1 = RM4.2100)
(US$1 = 68.2100 Indian rupees)
(US$1 = 6.5754 Chinese yuan renminbi)
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