* Palm charts second week of declines
* Palm oil may fall into 1,956-1,972 rgt/T range - techs
(Updates with closing prices)
By Emily Chow
KUALA LUMPUR, Dec 7 (Reuters) - Malaysian palm oil futures
closed lower on Friday, falling for a second week, weighed down
by weakness in related edible oils and crude oil.
The benchmark palm oil contract for February delivery
on the Bursa Malaysia Derivatives Exchange was down
0.4 percent at 1,998 ringgit ($479.83) a tonne at the close.
It had fallen to a one-week low in its previous session, and
is down 2.1 percent for the week.
Trading volumes stood at 33,315 lots of 25 tonnes each at
the end of the trading session. (1FCPO-TOT)
"Continuous weakness in competing vegetable oils and the
energy front is likely to weigh in and pressure palm prices,"
said a Kuala Lumpur based trader, referring to soyoil on the
U.S. Chicago Board of Trade and China's Dalian Commodity
Palm oil prices are affected by movements in crude oil, as
it is used as feedstock to make biodiesel.
Oil prices fell on Friday as OPEC discussed a potential
exemption from cutting output for Iran and as the producer club
sought to get heavyweight supplier Russia on board.
Palm oil prices were lower for most of the week on
expectations that stockpiles would touch 3 million tonnes and as
Indonesia relaxed rules on its palm oil export levies. The move
to aid its oil palm farmers and boost exports makes Malaysian
palm oil less price competitive.
In other related oils, the Chicago December soybean oil
contract was down 0.1 percent, while the January soybean
oil contract on the Dalian Commodity Exchange declined
Meanwhile, the Dalian January palm oil contract fell
Palm oil is affected by movements of other edible oils, as
they compete for a share in the global vegetable oil market.
A bearish target range of 1,956-1,972 ringgit per tonne
remains unchanged for palm oil, said Wang Tao, a Reuters market
analyst for commodities and energy technicals.
Palm, soy and crude oil prices at 1051 GMT:
Contract Month Last Change Low High Volume
MY PALM OIL DEC8 1782 +1.00 1777 1782 36
MY PALM OIL JAN9 1915 +1.00 1902 1923 1854
MY PALM OIL FEB9 1998 -7.00 1984 2005 16711
CHINA PALM OLEIN JAN9 4152 -64.00 4144 4224 97064
CHINA SOYOIL JAN9 5228 -136.00 5224 5370 225142
CBOT SOY OIL DEC8 28.45 -0.02 28.45 28.45 2
INDIA PALM OIL DEC8 491.00 -1.50 489.40 493.3 561
INDIA SOYOIL DEC8 735.6 -1.75 734.7 738.4 4590
NYMEX CRUDE JAN9 51.31 -0.18 50.60 51.77 183752
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 = 4.1640 ringgit)
($1 = 70.8000 Indian rupees)
($1 = 6.8822 Chinese yuan)
(Reporting by Emily Chow
Editing by Amrutha Gayathri and Edmund Blair)