* 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
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)