24/10/2012 (Reuters) - Malaysian palm oil futures fell on Tuesday as investors booked profits after the previous session's three-week high on worries that October's stronger-than-expected exports were not enough to trim record high stocks in the world's No.2 producer.

Prices went up to 2,580 ringgit on Monday, a level unseen since Sept. 28, after data from cargo surveyors showed that exports in the first twenty days of the month surged as much as 16.7 percent. 

"Yesterday prices went up too fast, way above market expectations," said a trader with a local commodities brokerage in Malaysia.

"Those who went long yesterday are now liquidating their positions and taking some profit because of the uncertainty over this export number," he added.

The benchmark January contract on the Bursa Malaysia Derivatives Exchange fell 1.4 percent to close at 2,540 ringgit ($831) per tonne.

Total traded volumes stood at 33,116 lots of 25 tonnes each, higher than the usual 25,000 lots as investors hedged positions after the positive export data.

Technical analysis showed palm oil may rebound further to 2,676 ringgit per tonne, with a support level of 2,492 ringgit, said Reuters market analyst Wang Tao.

Seasonally high production amid commodity demand weakened by a tepid global economy lifted palm oil stocks in Malaysia to a record high 2.5 million tonnes in September, hurting prices which has dropped one-fifth so far this year.

Despite the positive export numbers signalling improving demand from the European Union and Pakistan, investors remain wary about the future.

"I'm quite positive about it but as of now, that's the only hope that we have," the trader added.

"Whether the number is sufficient to bring the stock level lower or not for the coming report in November is still a big question."

In related markets, Brent futures slipped for a sixth day on Tuesday as worries about the global economy, and oil demand growth, resurfaced, but prices stayed above $109 a barrel, propped up by simmering tensions in the Middle East.

In other vegetable oil markets, U.S. soyoil for December delivery slid 0.4 percent in late Asian trade. The most-active May 2013 soybean oil contract on the Dalian Commodity Exchange fell 0.6 percent.   

  Palm, soy and crude oil prices at 1003 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      NOV2    2437   -32.00    2418    2445      81
  MY PALM OIL      DEC2    2496   -32.00    2483    2525    5994
  MY PALM OIL      JAN3    2540   -37.00    2520    2560   19601
  CHINA PALM OLEIN MAY3    7236   +14.00    7226    7320  294152
  CHINA SOYOIL     MAY3    9224   -52.00    9216    9336  494888
  CBOT SOY OIL     DEC2   51.45    -0.21   51.31   52.02    6960
  NYMEX CRUDE      DEC2   88.28    -0.37   88.21   89.29   20466

  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=3.055 ringgit)