Palm oil ends lower on poor export data

JAKARTA, March 17 (Reuters): Malaysian palm oil futures closed lower on Monday, tracking movement of rival edible oils at the Dalian market, while poor export data weighed down and capped gains.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange lost 103 ringgit, or 2.3%,to 4,371 ringgit ($983.79) a metric ton at the close.

"The futures is tracking Dalian movement as well as Malaysia's poor export data," a Kuala Lumpur-based trader said.

According to independent inspection company AmSpec Agri, exports of Malaysian palm oil products fell 10.1% to 396,865 tons during March 1-15, while Intertek Testing Services said it fell 7.5% to 420,677 metric tons.

Dalian's most-active soyoil contract rose 0.5%,while its palm oil contract declined 1.1%.Soyoil prices on the Chicago Board of Trade were up 0.34%.

Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market.

The ringgit, palm's currency of trade, gained 0.07% against the dollar, making the commodity a tad more expensive for buyers holding foreign currencies.