03/01/2012 (Reuters) - Malaysian palm oil futures rose to a 2-month high on Wednesday as the United States averted a fiscal crisis and as traders look forward to better demand for the edible oil on a lower export tax structure.

Investors were relieved after U.S. lawmakers approved a deal preventing huge tax hikes and spending cuts that would have pushed the world's largest economy into recession and hurt global commodity demand.

Market players were also betting on Malaysia's zero export tax in January to spur demand and help clear record-high stocks.

"The zero export tax will be long-term positive. But the short-term impact may be neutralised by tighter edible oil import rules by China," said Alan Lim Seong Chun, research analyst with Malaysia's Kenanga Investment Bank.

Stricter quality measures set to be enforced by Beijing on Jan. 1 could hurt demand for palm oil.

At market close, the benchmark March contract on the Bursa Malaysia Derivatives Exchange gained 2.6 percent to 2,501 ringgit ($825) per tonne, off its intraday high at 2,524 ringgit, a level last seen since Nov. 2.

Total traded volumes stood at 33,431 lots of 25 tonnes each, higher than the usual 25,000 lots.  

Traders are looking out for official data on Malaysia's palm oil December inventory level due next week, which is expected to ease slightly from November's record-high 2.56 million tonnes.

But they said the drop could be limited as Malaysian palm exports during December fell as much as 7.9 percent from a month ago, according to cargo surveyor data.    

Brent crude oil hit a one-month high above $112 per barrel on Wednesday after the U.S. Congress approved a deal to avert a fiscal crisis, while promising data from top energy consumer China also supported prices.

Soybean oil markets in the U.S. and China were closed for the New Year holiday.

  Palm, soy and crude oil prices at 1003 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      JAN3    2380   +60.00    2350    2380     273
  MY PALM OIL      FEB3    2458   +63.00    2408    2476    3780
  MY PALM OIL      MAR3    2503   +65.00    2449    2524   18461
  CHINA PALM OLEIN MAY3    6922   -46.00    6916    7044  653958
  CHINA SOYOIL     MAY3    8612   -30.00    8608    8740  449196
  CBOT SOY OIL     MAR3   49.70    +0.00    0.00    0.00       0
  NYMEX CRUDE      FEB3   92.75    +0.93   91.56   92.85   16460

  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=3.03 ringgit)