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By Emily Chow
KUALA LUMPUR (Reuters) - Malaysian palm oil futures fell in early trade on Wednesday, in line for a third straight day of losses, on the back of weaker related edible oils on the U.S. Chicago Board of Trade and China's Dalian Commodity Exchange.
Trading volumes stood at 21,562 lots of 25 tonnes each.
Another trader said the market is taking a break from recent movements and would trade in the 2,400-2,450 ringgit range.
Palm oil rose to a five-week high last week after Malaysia said it would extend tax exemptions on crude palm oil (CPO) exports to a fourth straight month in April, a move aimed at cutting inventories and propping up prices.
Palm oil production rose 17.2 percent to 1.57 million tonnes in March from the previous month, while exports climbed 19.2 percent to 1.57 million tonnes, the data showed.
While stockpiles fell 6.2 percent to 2.32 million tonnes, the decline was smaller than market expectations. A Reuters poll had forecast March end-stocks in Malaysia to decline 8.6 percent from February to 2.27 million tonnes.
Palm oil prices are impacted by movements in rival edible oils as they compete for a share in the global vegetable oils market.
($1 = 3.8700 ringgit)
($1 = 65.0850 Indian rupees)
($1 = 6.2864 Chinese yuan)
(Reporting by Emily Chow; Editing by Sunil Nair)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)