24/11/2012 (Reuters) - Malaysian palm oil futures fell for a fourth straight session on Friday and posted a third weekly loss in four, as investors remained concerned over slowing demand for the edible oil as prospects for global economic growth remained dim.

Investors were also cautious ahead of a European meeting on Monday, when international lenders would gather for a second time to reach a deal to release emergency aid for Greece.

Malaysia, the world's second largest palm oil producer, exported less of the edible oil for the first 20 days of the month compared to October, fuelling concerns over its inventories that have hovered near record high levels.

"The market is still worried about exports, which slowed down due to the slew of holidays last week," said a trader with a foreign commodities brokerage in Malaysia.

"The question everybody is asking now is whether end stocks will be lower or slightly higher. I think it should be going down with lower production."

The benchmark February contract on the Bursa Malaysia Derivatives Exchange lost 0.7 percent to close at 2,395 ringgit ($783) per tonne.

Total traded volumes stood at 32,946 lots of 25 tonnes each, higher than the usual 25,000 lots.

Technicals showed a bearish target at 2,321 ringgit remains intact for palm oil based on a Fibonacci retracement analysis, said Reuters market analyst Wang Tao.

For the week, futures lost 1.4 percent on worries that the U.S. budget crisis, and the euro zone's ongoing financial woes, could weigh on demand.

Malaysian shipments of the tropical oil fell 3.3 percent and 3.8 percent for the Nov. 1-20 period from a month ago, cargo surveyors Intertek Testing Services and Societe Generale de Surveillance said respectively. 

Traders are hoping the annual price outlook conference, organised by the Indonesia Palm Oil Association on next Thursday and Friday, would provide more perspective.

In related markets, Brent crude slipped towards $110 a barrel on Friday as weak data from Europe raised concerns about global demand and a ceasefire in the Gaza Strip eased supply concerns, offsetting positive manufacturing data from China.

In other vegetable oil markets, the most active May 2013 soybean oil contract on the Dalian Commodity Exchange closed 0.2 percent higher. The U.S. financial markets were closed for the Thanksgiving holiday.   

  Palm, soy and crude oil prices at 1003 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      DEC2    2267   -33.00    2247    2270     239
  MY PALM OIL      JAN3    2355   -18.00    2342    2370    4679
  MY PALM OIL      FEB3    2395   -16.00    2380    2411   18223
  CHINA PALM OLEIN MAY3    6762    +0.00    6656    6766  822426
  CHINA SOYOIL     MAY3    8548   +14.00    8474    8550  511628
  CBOT SOY OIL     DEC2   48.53    +0.00    0.00    0.00       0
  NYMEX CRUDE      JAN3   87.12    -0.25   86.71   87.77   25239

  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=3.06 ringgit)