* Market sees biggest daily gain in two weeks
* Ringgit weakened as much as 0.3 pct
(Updates with closing prices)
By Emily Chow
KUALA LUMPUR, April 17 (Reuters) - Malaysian palm oil
futures rose for a second straight session, and marked their
strongest daily gain in two weeks, on Wednesday on the back of a
The benchmark palm oil contract for July delivery
on the Bursa Malaysia Derivatives Exchange closed 1.5 percent
higher at 2,205 ringgit a tonne.
It had reached a one-week high of 2,219 ringgit earlier in
"The continuous depreciation of the local currency is likely
to have palm prices climbing," said a futures trader based in
Kuala Lumpur, as the ringgit is palm's traded currency.
A weaker ringgit would make palm oil cheaper for foreign
buyers. Malaysia's currency depreciated against the dollar and
weakened as much as 0.3 percent on Wednesday before paring some
losses. It was last down 0.1 percent at 4.1330 in the evening.
Another trader said slower-than-expected output growth added
more support to palm prices later in the day.
In related oils, the Chicago May soybean oil contract
gained 0.5 percent, and the May soyoil contract on the Dalian
Commodity Exchange was up 0.3 percent.
Meanwhile, the Dalian May palm oil contract rose 0.6
Palm oil prices are affected by movements in soyoil, as they
compete for a share of the global vegetable oils market.
Palm, soy and crude oil prices at 1100 GMT
Contract Month Last Change Low High Volume
MY PALM OIL MAY9 2130 +25.00 2119 2144 728
MY PALM OIL JUN9 2189 +34.00 2161 2201 6653
MY PALM OIL JUL9 2207 +32.00 2180 2219 15836
CHINA PALM OLEIN MAY9 4456 +28.00 4424 4466 48992
CHINA SOYOIL MAY9 5412 +16.00 5386 5412 57018
CBOT SOY OIL MAY9 28.85 +0.13 28.71 28.94 4229
INDIA PALM OIL APR9 0.00 +0.00 0.00 0 0
INDIA SOYOIL MAY9 718.5 -3.85 717.5 723.05 16870
NYMEX CRUDE MAY9 64.49 +0.44 64.23 64.61 40789
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 = 4.1420 ringgit)
($1 = 6.7012 Chinese yuan)
($1 = 69.5460 Indian rupees)
(Reporting by Emily Chow; Editing by Uttaresh.V and Susan