Higher exports cushioned the drop, the trader added. Exports of Malaysian palm oil products for March rose 32.0% from February, independent inspection company AmSpec Agri Malaysia said on Friday, while cargo surveyor Intertek Testing Services reported a 24% increase.
Meanwhile, Malaysia's palm oil output is expected to decline after a miller's association estimated a 22.9% decline in output from March 1-25, analysts said. Dalian's most-active soyoil contract was trading 0.92% higher, after gaining as much as 2.06% earlier in the session, while its palm oil contract rose 0.72%. Soyoil prices on the Chicago Board of Trade gained 0.42%. Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market. Malaysian ringgit gained 0.23% against the U.S. dollar on Friday. A stronger ringgit, in which the palm contract is traded, could make it more expensive for holders of dollar. Palm oil may extend gains to 3,853 ringgit per tonne, to complete a bounce from 3,500 ringgit, Reuters technical analyst Wang Tao said. ($1 = 4.4100 ringgit) (Reporting by Fransiska Nangoy; editing by Uttaresh Venkateshwaran and Krishna Chandra Eluri)
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