18/10/2012 (Reuters) - Malaysian palm oil futures ended higher in rangebound trade on Wednesday, as rising exports offset analyst expectations that the market will fall further on high stocks.

Palm oil futures have lost 22 percent so far this year, prompting top analyst Dorab Mistry to forecast at a conference on Tuesday that prices could fall to 2,200 ringgit in the next four to six weeks on a record build-up in Malaysian stocks.

But exports in the first half of October have climbed as much as 16.3 percent from a month ago, signalling strong buying interest from the likes of the European Union and Pakistan, data from a cargo surveyor showed.

"The market is digesting all the news and views spoken yesterday, it will remain rangebound until more is known about demand," said a trader with a local commodities brokerage in Malaysia.

The benchmark January contract on the Bursa Malaysia Derivatives Exchange edged up 0.2 percent to close at 2,471 ringgit ($814) per tonne, after trading in a tight range of 2,456-2,489 ringgit. 

Total traded volumes stood at 44,600 lots of 25 tonnes each, higher than the usual 25,000 lots.

Technical analysis showed that palm oil remained neutral, trapped in a range of 2,361-2,528 ringgit per tonne, said Reuters analyst Wang Tao. 

Another trader with a foreign commodities brokerage in Malaysia said the upcoming U.S. presidential elections have made global investors more cautious.

On Tuesday, U.S. President Barack Obama and Republican rival Mitt Romney clashed repeatedly on jobs and energy.

While market reaction in Asia has been muted, U.S. investors are likely to focus on the outcome as it gives an idea on the kind of economic and financial policies that may come into play after the polls.

"The U.S markets are quiet because of the presidential election next month, so people are watching carefully. That's why the (palm oil) market can't move," the Malaysian trader said.

Palm oil mostly takes its cues from U.S. soyoil and Brent crude, as it competes with the edible oil for food demand and the crude oil grade for use in the energy sector.

Brent crude oil fell on Wednesday as lingering worry about the global economy overshadowed relief that Spain avoided a ratings downgrade and optimism prompted by firm U.S. corporate results.

U.S. soyoil for December delivery inched up 0.4 percent in late Asian trade after earlier losses on expectations of higher soybean supplies in the Americas.

The most active January 2013 soybean oil contract on the Dalian Commodity Exchange closed 0.1 percent higher.

  Palm, soy and crude oil prices at 1006 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      NOV2    2393    -4.00    2386    2402     204
  MY PALM OIL      DEC2    2440    +5.00    2423    2455    7861
  MY PALM OIL      JAN3    2471    +5.00    2456    2489   20423
  CHINA PALM OLEIN JAN3    6884   -18.00    6856    6936  260392
  CHINA SOYOIL     JAN3    9116    +8.00    9080    9164  276286
  CBOT SOY OIL     DEC2   50.69    +0.22   50.29   50.86    6873
  NYMEX CRUDE      NOV2   92.18    +0.09   91.96   92.76   21065

  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 = 3.0345 ringgit)