Malaysian palm oil futures reversed gains and fell as traders locked in profit and the ringgit firmed, although weekly prices were the highest in almost three years on supply worries.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange fell 1.3% to 2,853 ringgit ($684.17) a tonne when the session ended on Friday.
"The prices fell due to a firm ringgit and profit-taking," said a Kuala Lumpur based trader. The ringgit rose 0.5% against the dollar, making the edible oil more expensive for holders of foreign currencies.
Traders also sought to reap profits from a rally earlier in the week which pushed palm's weekly price to the highest since February 17, 2017 on looming supply shortages in the coming months.
Dalian's most-active soyoil contract traded 2.2% higher, while its palm oil contract gained 1.6%. Soyoil prices on the CBOT traded 0.7% higher.