16/10/2012 (Reuters) - Malaysian palm oil futures fell on Monday after the government last week announced tax cuts that will only take effect next year, doing little to ease record stocks in the short term.

The market was also under pressure from declines in the U.S. and China soyoil futures. U.S. soyoil for December delivery extended losses to almost 2 percent in late Asian trade on Monday, hitting its lowest since mid-June.

The most active January 2013 soyoil contract on the Dalian Commodity Exchange ended down 1.6 percent, after dropping to its lowest since early June.

"When you come into the office and see Dalian and U.S. soyoil falling, the sentiment darkens," said a trader with a foreign commodities brokerage in Malaysia.

"And this adds to the concern that Malaysia is only going to do something concrete at the start of 2013 and that means it will be hard to bring down stocks completely."

The benchmark December contract on the Bursa Malaysia Derivatives Exchange dropped 2.7 percent to close at 2,433 ringgit ($796) per tonne after tumbling as much as 3.3 percent to an intraday low at 2,417 ringgit.

Total traded volumes stood at 35,166 lots of 25 tonnes each, higher than the usual 25,000 lots.

Malaysia plans a cut in crude palm oil export taxes, slated for 2013, as it moves to help refiners offer cheaper cargoes, Commodities Minister Bernard Dompok said on Friday.

But it may continue issuing a tax free crude palm oil quota to some firms next year, a senior industry source told Reuters on Monday, as planters resist the government plan to abolish the export facility in the world's No.2 producer of the edible oil.

The market expects top industry analysts Dorab Mistry, Thomas Mielke and James Fry to address the impact of the tax change at a seminar in Malaysia on Tuesday.

Latest cargo surveyor data pointing to stronger demand could help ease palm oil stocks in Malaysia, which hit a record 2.48 million tonnes in September.

Exports of Malaysian palm oil products for Oct. 1-15 rose 13.1 percent to 769,534 tonnes from 680,112 tonnes for the Sept. 1-15 period, Intertek Testing Services said on Monday.

Another cargo surveyor, Societe Generale de Surveillance, reported a higher increase of 16.3 percent on the month, to 768,550 tonnes.   

Technicals showed palm oil would fall to 2,361 ringgit per tonne, as a rebound from 2,230 ringgit has finished around resistance at 2,528 ringgit, said Reuters analyst Wang Tao.

In a bearish sign for palm oil, Brent futures slipped towards $114 a barrel on Monday, falling for a second session due to worries over weak oil demand, although concerns over potential supply risks from tension in the Middle East kept losses in check.

  Palm, soy and crude oil prices at 1007 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      OCT2    2400    -7.00    2400    2400     100
  MY PALM OIL      NOV2    2407   -73.00    2390    2446     740
  MY PALM OIL      DEC2    2433   -67.00    2417    2475   19314
  CHINA PALM OLEIN JAN3    6842  -144.00    6754    6858  415580
  CHINA SOYOIL     JAN3    9006  -148.00    8936    9036  384420
  CBOT SOY OIL     DEC2   49.70    -0.97   49.41   50.63   16444
  NYMEX CRUDE      NOV2   91.56    -0.30   90.82   91.75   18973

  Palm oil prices in Malaysian ringgit per tonne
  CBOT soy oil in U.S. cents per pound
  Dalian soy oil and RBD palm olein in Chinese yuan per tonne
  Crude in U.S. dollars per barrel
  ($1=3.056 ringgit)