KUALA LUMPUR, Oct 7: Malaysian palm oil fell 1 per cent, giving back all gains from the previous day, as players took profit ahead of the weekend and key crop and trade data due on Monday.

The market was also dampened by losses in rival US soyaoil dealers said.

It’s that time of the week to take profit and I think no one wants to take a chance till next week, a dealer said.

The benchmark third-month crude palm oil contract on Bursa Malaysia Derivatives, December, was down 15 ringgit at 1,466 ringgit ($388.96) a ton - one ringgit shy of the day’s low.

A day before, it had risen 15 ringgit.

Other traded months closed down 11 to 17 ringgit on Friday, with the exception of May, which rose 33 ringgit.

Overall volume was 3,941 lots of 25 tons each, lower than Thursday’s 4,782 lots. It has surpassed 10,000 lots on hectic trading days.

Thursday’s market was driven by talk that rival palm oil producer Indonesia planned to restrict exports to ensure enough domestic supply of cooking oil for the fasting month of Ramazan.

Malaysia is the world’s largest palm oil producer and exporter and would benefit from any cut in shipments by Indonesia, its biggest rival.

An Indonesian government official confirmed on Friday that Jakarta planned to review export tax and base prices of crude palm oil, although market players argued that the move may hurt the industry.

Dealers in Kuala Lumpur said focus for the week ahead would be on September production, exports and closing stock numbers, due from the official Malaysian Palm Oil Board on Monday.

A Reuters survey of leading Malaysian plantation houses on Friday showed that September production could risen 5.2 per cent over August.

Two cargo surveyors watched by the market will issue export estimates for October 1-10 also on Monday.

In physical crude palm oil, offers for both October and November delivery from Malaysia fell 15 ringgit a ton.

Offers/bids closed at 1,475/1,470 ringgit a ton in the southern and central regions, versus Thursday’s 1,490/1,480.

Trades stood at 1,480-1,475 ringgit.—Reuters