04/01/2013 (Reuters) - Malaysian palm oil futures edged lower on Thursday after prices climbed to a two-month high the previous day, although hopes of a new export tax structure boosting demand had curbed losses.

The tropical oil started the year strongly by jumping to its highest since Nov. 2 on Wednesday after the United States reached a fiscal deal that prevented the world's largest economy from slipping into recession.

Market players are eyeing Malaysia's Jan. 1-10 exports data due next week, expecting higher demand from crude palm oil as the country imposed a zero percent duty in January for shipments of the grade.

"We see a bit of profit-taking coming in. Every time we go above 2,500 ringgit, there's no strong follow through," said a trader with a foreign commodities brokerage in Malaysia.

"The important issue now is with the new export tax structure and traders want to see how Malaysian exports will be for the first 10 days. Prices should be trading in a range of 2,450-2,550 ringgit."

At market close, the benchmark March contract on the Bursa Malaysia Derivatives Exchange fell 1.0 percent to 2,475 ringgit ($816) per tonne. Prices hit a two-month high of 2,524 ringgit on Wednesday.

Total traded volumes stood at 36,244 lots of 25 tonnes each, higher than the usual 25,000 lots.  

Technicals appear to be bearish as palm oil is expected to retrace to 2,452 ringgit based on a wave analysis, Reuters market analyst Wang Tao said.   

But prices may find support as lower December production and disruption to supply due to heavy rains could help ease record-high stocks of 2.56 million tonnes, traders said.

Industry regulator the Malaysian Palm Oil Board will release official data on December's stocks and output next week.

Investors are monitoring the impact of China starting to enforce its quality standards on edible oil imports. Palm oil which fails to make the grade could see cargoes turned away from Chinese ports, depressing demand a little.

Brent crude dropped below $112 a barrel on Thursday as the prospects of more budget battles in the United States and rising oil supply weighed on prices, although upbeat economic data from China limited losses.

In competing vegetable oil market, U.S. soyoil for March delivery fell 0.2 percent in late Asian trade. China's Dalian Commodities Exchange is closed for the New Year holiday and will resume trading on Friday.  

  Palm, soy and crude oil prices at 1007 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      JAN3    2364   -18.00    2350    2371     296
  MY PALM OIL      FEB3    2439   -18.00    2422    2460    6173
  MY PALM OIL      MAR3    2475   -26.00    2467    2513   20208
  CHINA PALM OLEIN MAY3    6922   -46.00    6916    7044  653958
  CHINA SOYOIL     MAY3    8612   -30.00    8608    8740  449196
  CBOT SOY OIL     MAR3   50.96    -0.09   50.88   51.29    6154
  NYMEX CRUDE      FEB3   92.57    -0.55   92.49   92.98   11020

  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=3.033 ringgit)