Malaysian palm oil price falls for 4th straight session on strong ringgit

KUALA LUMPUR: Malaysian palm oil futures reversed gains and fell for a fourth straight session on Tuesday as the strengthening ringgit  eventually weighed on prices. 
    The February benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange dropped 0.3 percent to 2,275 ringgit ($536.30) a tonne by the close.
    "The dollar is weaker and exports are expected to slow, so we're seeing some pressure on palm oil," one Kuala Lumpur-based trader said. 
    Traders are expecting data from cargo surveyors Intertek Testing Services and Societe Generale de Surveillance for Nov. 1-25 -- due on Wednesday -- to show a slowdown or minimal rise in palm oil exports compared with the same period in October.  
    The ringgit gained 1.4 percent to 4.2420 against the dollar on Tuesday, its
strongest in nearly a month, as a rebound in crude oil prices eased concerns
over Malaysia's falling oil and gas revenues and as debt-ridden state fund 1MDB
agreed to sell $2.3 billion in assets. 
    Traded volume stood at 29,618 lots of 25 tonnes each at the end of the day.
    In competing vegetable oil markets, the U.S. December soyoil contract 
rose 0.3 percent, while the January soybean oil contract on the Dalian
Commodity Exchange gained 2.6 percent.
    
  Palm, soy and crude oil prices at 1044 GMT
                                                                 
  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      DEC5    2136   -15.00    2125    2155     867
  MY PALM OIL      JAN6    2216    -7.00    2215    2242    2570
  MY PALM OIL      FEB6    2275    -7.00    2273    2303   15559
  CHINA PALM OLEIN JAN6    4214  +114.00    4092    4240  816200
  CHINA SOYOIL     JAN6    5660  +144.00    5498    5694  473754
  CBOT SOY OIL     DEC5   27.97    -2.20   27.91   28.26    6732
  INDIA PALM OIL   NOV5  373.30    -2.20  372.30  377.80     429
  INDIA SOYOIL     DEC5  606.85    +6.10  601.20  607.70   38965
  NYMEX CRUDE      JAN6   42.09    +0.34   41.87   42.52   45844
                                                                 
  Palm oil prices in Malaysian ringgit per tonne
  CBOT soy oil in U.S. 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 U.S. dollars per barrel
 
($1 = 4.2420 ringgit)
($1 = 66.3975 Indian rupees)
($1 = 6.3883 Chinese yuan)
- Reuters