By Emily Chow
KUALA LUMPUR (Reuters) - Malaysian palm oil futures were lower in late trade on Wednesday, recording 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 36,862 lots of 25 tonnes each at the close of trade.
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.
It fell over 1 percent in the previous session on bearish data from industry regulator, the Malaysian Palm Oil Board.
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.
In related oils, the Chicago Board of Trade's May soybean oil contract dropped 0.4 percent.
Palm oil prices are impacted by movements in rival edible oils as they compete for a share in the global vegetable oils market.
($1 = 3.8730 ringgit)
($1 = 65.1900 Indian rupees)
($1 = 6.2847 Chinese yuan)
(Reporting by Emily Chow; Editing by Sunil Nair and David Evans)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)