#palmoil
Malaysian palm oil futures fell on Friday from their seven-week highs hit in the previous session, as a stronger ringgit hurt prices.
The ringgit, the currency of trade for palm oil, was up 0.7% at 4.0200 per dollar on Friday evening, making the vegetable oil more expensive for holders of foreign currencies.
"The ringgit is one factor for a lower market today," said a trader based in Kuala Lumpur, adding: "The market has also moved up very fast in the last few days, so there is some correction."
Benchmark palm oil futures for October delivery on the Bursa Malaysia Derivatives Exchange were down 1.5% at RM2,407 (US$599) per tonne at the close of trade, its first fall in six sessions.
They have added 3.9% so far this week, a third weekly gain in four.
Traded volumes stood at 36,962 lots of 25 tonnes each at on Friday evening.
Weakness in related vegetable oils could have also weighed on the market, said traders, along with forecasts of higher inventories ahead of the release of official government data next week.
In Malaysia, the world's second largest producer after Indonesia, palm oil inventories at the end of July likely rose 3.1% from a month earlier to a four-month high of 1.83 million tonnes, a Reuters poll showed.
The survey also forecast output likely gained 3.8% to 1.59 million tonnes, while exports surged 13.9%.
The Malaysian Palm Oil Board (MPOB) is scheduled to release July end-stocks data on Aug. 10, after 0430 GMT.
Palm oil may retrace to a support at RM2,390 per tonne, as it failed to break a resistance at RM2,458, said Reutersmarket analyst for commodities and energy technicals Wang Tao.
In other vegetable oils, the Chicago soybean oil contract for December fell 0.6%, while Dalian's January soybean oil contract dropped 0.6%.
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