Malaysian palm oil price edges down on overnight soyoil losses

Malaysian palm oil futures fell from a one-week high on Monday evening, weighed down by a stronger ringgit MYR=, which makes the tropical oil more expensive for holders of foreign currencies

KUALA LUMPUR: Malaysian palm oil futures edged down slightly at the close of trade on Tuesday, tracking overnight losses in soyoil, but remained largely range-bound as a weaker ringgit offset losses, traders said.

A weaker ringgit, palm's currency of trade, typically supports the tropical oil by making it cheaper for holders of other currencies. The ringgit weakened 0.1 percent against the dollar on Tuesday and was last at 4.0445.