18/02/2013 (Reuters) - Malaysian palm oil futures gained on Monday, snapping three straight sessions of losses as investors expected stronger export demand seen in the first half of the month to bring stocks down further.

Cargo surveyor data showed Malaysian palm oil exports rose as much as 18 percent for Feb. 1-15 from a month ago, raising hopes that stocks may ease further from a record high of 2.58 million tonnes hit in January.  

"Exports were quite strong for the first 15 days and production may come down again, so the market is supported because of that," said a trader with a foreign commodities brokerage in Kuala Lumpur.

"We may also see higher exports of crude palm oil for this month before the 4.5 percent tax in March," the trader said.

Malaysia, the world's No.2 palm oil producer, said it will set its crude palm oil export tax for March at 4.5 percent, up from February's zero percent.

By the midday break, the benchmark May contract on the Bursa Malaysia Derivatives Exchange had gained 1.2 percent to 2,537 ringgit ($819) per tonne.

Total traded volumes stood at 14,900 lots of 25 tonnes each, higher than the average of 12,500 tonnes.

Technicals showed signals are mixed for Malaysian palm oil as it is not clear how high the current rebound could go, said Reuters market analyst Wang Tao.

While the higher export tax may hurt Malaysia's crude palm oil export demand, the local processing industry may benefit from a relatively cheaper feedstock, analysts said.   

"We are neutral on the news as it will be short term negative for Malaysia crude palm oil demand but long term positive for Malaysia processed palm oil demand," Alan Lim Seong Chun, research analyst with Malaysia's Kenanga Investment Bank, said in a note to clients.   

In other markets, Brent crude rose slightly to hold close to $118 a barrel on Monday, underpinned by expectations of improving global growth despite some weak U.S. data dampening prices at the end of last week.

In competing vegetable oil markets, the most active September soybean oil contract on the Dalian Commodity Exchange edged almost a percent lower on resuming trading after the Lunar New Year break.

U.S. markets are closed on Monday for the President's Day holiday.

  Palm, soy and crude oil prices at 0542 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      MAR3    2472   +20.00    2459    2479     618
  MY PALM OIL      APR3    2511   +28.00    2476    2519    4118
  MY PALM OIL      MAY3    2537   +31.00    2502    2544    7386
  CHINA PALM OLEIN SEP3    7074   -50.00    7000    7082  274118
  CHINA SOYOIL     SEP3    8670   -82.00    8624    8678  192650
  CBOT SOY OIL     MAR3   51.62    +0.00    0.00    0.00       0
  NYMEX CRUDE      MAR3   95.64    -0.22   95.45   95.97    2344

  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=3.098 ringgit)