Traded volumes stood at 41,198 lots of 25 tonnes each on Thursday evening. "Crude palm oil is under pressure from a strengthening ringgit," a futures trader from Kuala Lumpur said, adding that a stronger Chinese yuan also puts pressure on China's commodities prices including Dalian's refined, bleached and deodorized (RBD) palm olein. Palm takes its cue from the performance of related vegetable oils, as they compete for a share in the global edible oils market.
The May soyabean oil contract on the Dalian Commodity Exchange was down 0.4 percent, while the May contract for Dalian palm olein fell 1.3 percent. A stronger ringgit, palm's currency of trade, also makes the tropical oil more expensive for foreign buyers, curbing its demand. The ringgit strengthened 0.3 percent against the dollar to reach 4.4830 in the evening. In other edible oils, the March soyabean oil contract on the CBOT gained 0.1 percent.