* Palm reverses losses, sees strongest daily gain since Sept. 26

* Weaker ringgit supported the market - Trader

(Updates latest prices, quote)

07/10/2016 (Reuters) - Malaysian palm oil futures reversed losses to chart their strongest daily gains in nearly two weeks on Thursday evening, as a weaker ringgit supported prices.

Palm however is down 3 percent so far this week, its sharpest weekly drop since early July.

Benchmark palm oil for December on the Bursa Malaysia Derivatives Exchange gained 0.9 percent to 2,579 ringgit ($623) a tonne at the end of the trading day.

It earlier fell to an intraday low of 2,538 ringgit, which matched the low on Sept. 2, before rising to see its strongest gains since Sept. 26.

Traded volumes stood at 57,569 lots of 25 tonnes each in the evening, more than the 2015 daily average of 44,600 lots.

"There was some ringgit weakness and technical buying," said a futures trader based in Kuala Lumpur.

The weaker ringgit, palm's traded currency, also supported prices of the tropical oil by making it cheaper for holders of foreign currencies. It weakened 0.1 percent to reach 4.1400 against the dollar on Thursday evening.

In related vegetable oils, the soybean oil December contract on the Chicago Board of Trade was down 0.1 percent.

Palm, soy and crude oil prices at 1039 GMT

Contract Month Last Change Low High Volume

MY PALM OIL OCT6 2649 -10.00 2646 2687 489

MY PALM OIL NOV6 2610 +9.00 2581 2613 6530

MY PALM OIL DEC6 2577 +23.00 2538 2582 25669

CHINA PALM OLEIN JAN7 0 +0.00 0 0 0

CHINA SOYOIL JAN7 0 +0.00 0 0 0

CBOT SOY OIL DEC6 32.82 -0.06 32.65 32.9 4268

INDIA PALM OIL OCT6 516.30 +7.70 504.70 516.8 2446

INDIA SOYOIL OCT6 654 +0.85 650.1 654.5 13330

NYMEX CRUDE NOV6 49.82 -0.01 49.33 49.91 77507

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 = 4.1400 ringgit)
($1 = 66.6650 Indian rupees)
($1 = 6.6685 Chinese yuan)