23/10/2012 (Reuters) - Malaysian palm oil futures rose to their highest in more than three weeks on Monday, boosted by rising exports which investors said may help ease record stocks in the world's No.2 palm oil producer.

Latest data from cargo surveyor Societe Generale de Surveillance showed Malaysia's palm exports rose 16.7 percent for the first twenty days of October from a month ago, lending support to futures that have lost almost one-fifth so far this year.

Another cargo surveyor Intertek Testing Services reported on Saturday a 14.1 percent increase in exports to 1.06 million tonnes for the same period, signalling buoyant demand for the tropical oil.

"The export numbers improved market sentiment. It's good to see positive signs after seeing so many negative signs lately," said a Singapore-based trader with a global commodities house.

"Prices are very likely to go to the 2,700-2,800 ringgit range but there may be dips in between."

At the close, the benchmark January contract on the Bursa Malaysia Derivatives Exchange rose 3 percent to 2,577 ringgit ($845) per tonne, just off an intraday high at 2,580 ringgit, a level unseen since Sept. 28.

Total traded volumes stood at 37,259 lots of 25 tonnes each, much higher than the usual 25,000 lots.   

Palm oil prices fell to a near 3-year low earlier this month on fears over rising stocks and concerns that a sluggish global economic growth could hurt commodity demand.   

But traders said low prices could lure buyers back to the market and also make the tropical oil an attractive choice to be used as biodiesel.

In related markets, Brent crude oil steadied above $110 per barrel on Monday as fighting in Beirut and Gaza raised fears for the security of fuel supplies from the Middle East, helping stem a four-day decline in prices.

In other vegetable oil markets, U.S. soyoil for December delivery increase 1.1 percent in late Asian trade, drawing support from the Chicago soybeans market, which bounced back from a three-and-half month low last week.

The most-active May 2013 soybean oil contract on the Dalian Commodity Exchange also closed 0.4 percent higher.

  Palm, soy and crude oil prices at 1013 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      NOV2    2469   +65.00    2395    2469     598
  MY PALM OIL      DEC2    2528   +53.00    2460    2544    6940
  MY PALM OIL      JAN3    2577   +76.00    2497    2580   22840
  CHINA PALM OLEIN MAY3    7254    +6.00    7160    7258  211276
  CHINA SOYOIL     MAY3    9318   +40.00    9182    9318  442986
  CBOT SOY OIL     DEC2   52.17    +0.59   51.24   52.23    7376
  NYMEX CRUDE      NOV2   90.68    +0.63   89.49   90.71    1351

  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 = 3.051 ringgit)