26.12.2018 (The Edge Markets MY) - KUALA LUMPUR (Dec 26): Malaysian palm oil futures fell over 1% on Wednesday, extending falls into a fourth session, as the ringgit strengthened while weakness in related edible oils also weighed on the market.

The ringgit, palm's currency of trade, was up 0.14% at 4.1770 per dollar. A stronger ringgit usually makes palm oil more expensive for holders of foreign currencies.

The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange was down 1.2% at RM2,103 (US$503.47) a tonne at the midday break. Earlier in the session, it fell to its weakest level since Dec 14 at RM2,098.

Trading volumes stood at 7,163 lots of 25 tonnes each at the midday break.

"December production is picking up... Coupled with weak exports, a firmer ringgit and weaker Dalian also weighed (on the palm market)," said a Kuala Lumpur-based futures trader, referring to related edible oils on China's Dalian Commodity Exchange.

Malaysian palm oil exports for Dec 1-25 declined from a month earlier, data from cargo surveyors showed.

Cargo surveyor Intertek Testing Services reported a 2.5% drop on Tuesday, while inspection company AmSpec Agri Malaysia said on Wednesday shipments fell 6.4%.

In other related oils, the January soybean oil contract on the Dalian Commodity Exchange fell 1.4% and the Dalian January palm oil contract declined 0.8%.

Palm oil prices have been impacted by changes in soyoil prices in recent sessions, as they compete for a share in the global vegetable oil market.

Palm, soy and crude oil prices at 0520 GMT:

Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in US 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 US dollars per barrel

(US$1 = RM4.1770)
(US$1 = 70.0360 Indian rupees)
(US$1 = 6.8885 Chinese yuan)