Malaysian palm oil price slides on stronger ringgit, technical selling

Malaysian palm oil futures fell, easing from gains made earlier in the day, as it fell on a stronger ringgit, its currency of trade. A stronger ringgit typically makes palm oil more expensive for holders of foreign currencies. It closed on 0.2 percent stronger against the dollar at 4.0710 and is currently trading at around 14-month lows. The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell 0.9 percent to 2,499 ringgit ($613.85) a tonne at the close of trade. Trading volumes stood at 41,112 lots of 25 tonnes each at the end of the trading day.