U.S. Markets closed

VEGOILS-Palm climbs to one-week high on weaker ringgit

* Market in line for second day of gains

* Ringgit weakened 0.3 pct around noon

By Emily Chow

KUALA LUMPUR, April 17 (Reuters) - Malaysian palm oil

futures extended gains to a fresh one-week high in early trade

on Wednesday, in line for a second winning session, on the back

of a weaker ringgit.


The benchmark palm oil contract for July delivery

on the Bursa Malaysia Derivatives Exchange rose 1 percent to

2,194 ringgit ($529.70) a tonne at the midday break, after

earlier reaching a one-week top of 2,199 ringgit.

In its previous trading session, it had fallen to a two-week

low of 2,139 ringgit.

"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. It depreciated against the dollar during the first half

of trade on Tuesday, and was last down 0.3 percent at 4.1430,

its weakest levels in nearly three months.

In other related oils, the Chicago May soybean oil contract

gained 0.2 percent, and the May soyoil contract on the

Dalian Commodity Exchange was slightly up 0.04 percent.

Meanwhile, the Dalian May palm oil contract rose 0.3

percent.

Palm oil prices are affected by movements in soyoil, as they

compete for a share in the global vegetable oil market.

Palm, soy and crude oil prices at 0500 GMT

Contract Month Last Change Low High Volume

MY PALM OIL MAY9 2129 +24.00 2119 2129 263

MY PALM OIL JUN9 2177 +22.00 2161 2182 2312

MY PALM OIL JUL9 2194 +21.00 2180 2199 5848

CHINA PALM OLEIN MAY9 4442 +14.00 4424 4466 37744

CHINA SOYOIL MAY9 5398 +2.00 5386 5410 37080

CBOT SOY OIL MAY9 28.77 +0.05 28.71 28.79 1271

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 64.45 +0.40 64.23 64.54 18129

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)