Malaysian palm oil futures reversed gains and fell for a fourth straight session on Tuesday as the strengthening ringgit eventually weighed on prices. The February benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange dropped 0.3 percent to 2,275 ringgit ($536.30) a tonne by the close. "The dollar is weaker and exports are expected to slow, so we're seeing some pressure on palm oil," one Kuala Lumpur-based trader said.
Traders are expecting data from cargo surveyors Intertek Testing Services and Societe Generale de Surveillance for November 1-25 - due on Wednesday - to show a slowdown or minimal rise in palm oil exports compared with the same period in October. The ringgit gained 1.4 percent to 4.2420 against the dollar on Tuesday, its strongest in nearly a month, as a rebound in crude oil prices eased concerns over Malaysia's falling oil and gas revenues and as debt-ridden state fund 1MDB agreed to sell $2.3 billion in assets.
Traded volume stood at 29,618 lots of 25 tonnes each at the end of the day. In competing vegetable oil markets, the US December soyoil contract rose 0.3 percent, while the January soybean oil contract on the Dalian Commodity Exchange gained 2.6 percent.
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