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VEGOILS-Palm climbs again on weaker ringgit

* 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

weaker ringgit.

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 day.

"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