KUA LA LUMPUR: Malaysian palm oilfutures charted a second consecutive day of losses on Tuesday evening despite seeing gains earlier in the day, as a stronger ringgit, which makes the tropical oil more expensive for foreign buyers and aids demand, weighed on prices.

The ringgit, the currency palm oil is traded in, was up 0.3 per cent at Tuesday`s close of trade, not far off one-yearhighshit on Thursday.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange slightly fell 0.1pc to 2,587 ringgit ($630.82) a tonne at the end of the trading day.

Traded volumes stood at 31,012 lots of 25 tonnes each in the evening. Palm prices hit a low of 2,565 ringgit on Monday afternoon, its weakest level since July 25.`The stronger ringgit affected palm`s later performance,` said a futures trader from Kuala Lumpur.

Palm prices were up earlier in the day on a weaker ringgit and on a correction after the sharp decline on Monday, another trader said earlier.

Palm oil still targets a range of 2,5192,555 ringgit per tonne, said Reuters` marl(et analyst for commodities and energy technicals Wang Tao.-Reuters