Lang
Malaysian palm oil futures fell on Friday, pressured by profit-taking and a stronger ringgit, but still notched a third straight weekly gain.
The benchmark palm oil contract for April delivery on Bursa Malaysia Derivatives dropped 23 ringgit, or 0.55 percent, to 4,174 ringgit (1,042.72 US dollars) per tonne. The contract had gained 2.5 percent over the course of the week.
A Kuala Lumpur-based trader said investors booked profits ahead of the weekend, while a stronger ringgit also helped halt the recent rally.
The ringgit, palm oil's trading currency, rose 0.87 percent against the dollar, making the commodity more expensive for buyers holding foreign currencies.
Elsewhere, the most active soybean oil contract on the Dalian exchange rose 0.07 percent, while its palm oil contract fell 0.04 percent. Soybean oil prices on the Chicago Board of Trade also gained 0.56 percent.
Palm oil tracks price movements of competing edible oils as it competes for a share of the global vegetable oils market.
Meanwhile, oil prices rebounded after US President Donald Trump renewed his threats against Iran, a major Middle East producer, stoking fears that military action could disrupt supplies. Stronger crude oil futures make palm oil a more attractive feedstock for biodiesel production.
Source: Reuters