* Palm snaps five sessions of gains

* Palm may retrace to support at 2,390 rgt/T-techs

* Correction seen after market moved up fast -trader

(Updates latest prices)

08/08/2016 (Reuters) - 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 percent 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 percent at 2,407 ringgit ($599) per tonne at the close of trade, its first fall in six sessions.

They have added 3.9 percent 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 percent 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 percent to 1.59 million tonnes, while exports surged 13.9 percent.

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 2,390 ringgit per tonne, as it failed to break a resistance at 2,458 ringgit, said Reuters market analyst for commodities and energy technicals Wang Tao.

In other vegetable oils, the Chicago soybean oil contract for December fell 0.6 percent, while Dalian's January soybean oil contract dropped 0.6 percent.

Palm, soy and crude oil prices at 1033 GMT

Contract Month Last Change Low High Volume

MY PALM OIL AUG6 2510 -4.00 2484 2510 56

MY PALM OIL SEP6 2432 -32.00 2422 2452 1445

MY PALM OIL OCT6 2406 -37.00 2401 2436 17843

CHINA PALM OLEIN JAN7 5180 -12.00 5166 5236 934776

CHINA SOYOIL JAN7 6136 -36.00 6134 6204 545866

CBOT SOY OIL DEC6 30.84 -0.11 30.83 31.14 7008

INDIA PALM OIL AUG6 525.80 -2.00 524.50 528.1 1568

INDIA SOYOIL AUG6 633.25 -2.90 633.1 636.4 10670

NYMEX CRUDE SEP6 41.49 -0.44 41.44 41.85 63617

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 = 4.0200 ringgit)
($1 = 66.7725 Indian rupees)
($1 = 6.6414 Chinese yuan)