04/05/2012 (Reuters) - Malaysian palm oil futures extended losses to a six-week low on Thursday, as disappointing economic data from the United States and Europe cast doubts on global economic recovery and commodity demand.

Palm oil futures ended at 3,370 ringgit, a level last seen on March 23, as investors reacted to a slew of data that signalled stagnant hiring and weak manufacturing activity.

"It's very much the global sentiment. Fundamentally palm oil is still bullish because supply is still facing issues. The tree stress is already confirmed, so the next catalyst will be the Malaysian Palm Oil Board numbers," said Alan Lim, research analyst with Kenanga Investment Bank in Kuala Lumpur.

Benchmark July palm oil futures on the Bursa Malaysia Derivatives Exchange ended 2.4 percent lower at 3,370 ringgit ($1,111) per tonne.

Traded volumes stood at 33,591 lots of 25 tonnes each, way higher than the usual 25,000 lots. 

Traders are now looking at production numbers for clues on market movement as strong exports in April failed to lift the market. Industry regulator Malaysian Palm Oil Board will issue official data on output and stocks next week.

Lower output will further eat into palm oil stocks, which fell below 2 million tonnes in March.

Demand for the edible oil seems to be healthy as indicated by cargo surveyor data. April exports jumped by 9.4 and 10.4 percent from a month ago, according to Intertek Testing Services and Societe Generale de Surveillance respectively.

On the technicals front, a bearish target for palm oil at 3,397 ringgit has been revised lower to 3,370 ringgit, said Reuters market analyst Wang Tao. 

Brent crude steadied above $118 a barrel on Thursday, reflecting caution among investors ahead of a key U.S. employment report.

In other vegetable oil markets, the most active U.S. soyoil contract for July lost 0.3 percent in Asian trade while  the most active Dalian soyoil September contract dropped 1.3 percent.         

  Palm, soy and crude oil prices at 1008 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      MAY2    3400   -61.00    3400    3435     276
  MY PALM OIL      JUN2    3387   -76.00    3387    3444    2923
  MY PALM OIL      JUL2    3370   -82.00    3370    3438   18038
  CHINA PALM OLEIN SEP2    8634  -102.00    8630    8714  129226
  CHINA SOYOIL     SEP2    9758  -128.00    9750    9848  432424
  CBOT SOY OIL     JUL2   54.54    -0.17   54.51   54.86    8632
  NYMEX CRUDE      JUN2  104.76    -0.46  104.66  105.42   13122

  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 = 3.031 ringgit)