* Palm hits intraday high of 3,106 rgt/T
* Market down on weak related oils, stronger ringgit -
* Signals are mixed for palm oil - Technicals
By Emily Chow
KUALA LUMPUR, Dec 2 (Reuters) - Malaysian palm futures hit
their highest in more than four years on Friday before easing to
close in negative territory on weakness in related oils and a
Palm oil prices often track the movements of related
vegetable oils, such as soyoil, on the Chicago Board of Trade
and China's Dalian Commodity Exchange as they compete for a
share in the global vegetable oils market.
Benchmark palm oil futures for February delivery
on the Bursa Malaysia Derivatives Exchange were down 0.1 percent
at 3,076 ringgit ($691) a tonne at the end of the trading day.
Earlier in the session, they hit their highest since Aug. 27,
2012, at 3,106 ringgit, tracking overnight soyoil strength.
Traded volumes stood at 39,998 lots of 25 tonnes each, below
the 2015 daily average of 44,600 traded lots in a day. The
market is up 1.5 percent for the week for a second straight week
"The market opened higher on the back of stronger soyoil,
which then eased. Dalian did not appreciate much and there was
the ringgit recovery," one trader said, referring to edible oil
futures on China's Dalian Commodity Exchange.
"This gives palm a good opportunity to consolidate, but the
rally will continue on other bearish factors, such as the
The year-end monsoon season in Malaysia, the world's
second-largest palm producer, usually brings heavy rains across
the country and disrupts fruit-harvesting.
The January CBOT soybean oil contract was down 0.5
percent, while the May soybean oil contract on the Dalian
Commodity Exchange was virtually flat.
The May contract for palm olein on the Dalian Commodity
Exchange was up 1.3 percent.
A stronger ringgit also weighs down on palm oil by making it
more expensive for holders of other currencies. The ringgit,
palm's traded currency, strengthened 0.3 percent to 4.4500 per
dollar on Friday evening.
Signals are mixed for palm oil as it failed to break a
resistance at 3,093 ringgit a tonne, said Wang Tao, a Reuters
market analyst for commodities and energy technicals.
Palm, soy and crude oil prices at 1044 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC6 3122 +5.00 3118 3122 40
MY PALM OIL JAN7 3083 +0.00 3080 3108 989
MY PALM OIL FEB7 3076 -3.00 3069 3106 23721
CHINA PALM OLEIN MAY7 6350 +84.00 6216 6372 1086610
CHINA SOYOIL MAY7 7192 -2.00 7102 7246 773626
CBOT SOY OIL JAN7 37.67 -0.29 37.49 37.93 15255
INDIA PALM OIL DEC6 557.60 +0.30 556.00 561.9 1135
INDIA SOYOIL DEC6 731.5 +1.05 730 735.5 11930
NYMEX CRUDE JAN7 50.56 -0.50 50.45 51.30 145604
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 = 4.4500 ringgit)
($1 = 68.2300 Indian rupees)
($1 = 6.8865 Chinese yuan)
(Reporting by Emily Chow; Editing by Sherry Jacob-Phillips and