11/10/2012 ((Reuters) - Malaysian palm oil futures edged up on Wednesday to their highest in more than a week, tracking other vegetable oil markets, although gains were limited by record stockpiles.

Malaysia's palm oil stocks in September surged 17.4 percent from a month ago to a record 2.48 million tonnes on strong production, the Malaysian Palm Oil Board said after the midday break.

The rise in stocks exceeded market expectations of 2.46 million tonnes, paring gains that had earlier sent futures to an intraday high at 2,483 ringgit, a level last seen on Oct. 1.

Prices fell to a near 3-year low last week but have since been recovering steadily on bargain-hunting and prospects of a cut in export tax by the Malaysian government.   

"The market is still rangebound, trading between 2,400 and 2,500 ringgit," said a trader with a foreign commodities brokerage in Malaysia. "Prices were supported as U.S. soybean oil was up last night and Dalian soybean oil was also up a bit."

The benchmark December contract on the Bursa Malaysia Derivatives Exchange had edged up 0.8 percent to close at 2,457 ringgit ($800) per tonne.

Total traded volumes stood at 45,198 lots of 25 tonnes each, much higher than the usual 25,000 lots.

Malaysia's palm oil exports for Oct. 1-10 fell 1 percent to 448,624 tonnes from a month ago, cargo surveyor Intertek Testing Services said on Wednesday.

Another cargo surveyor, Societe Generale de Surveillance, reported a steeper 8.7 percent decline for the same period, but traders say shipments could pick up later in the month.

Technical analysis showed palm oil was expected to end its current rebound around a resistance at 2,503 ringgit per tonne, and fall towards 2,230 ringgit, said Reuters market analyst Wang Tao.

In a bullish sign for palm oil, Brent crude oil rose above $114 a barrel as worries over the security of Middle East supplies outweighed increasing evidence of slowing global economic growth.

Palm oil prices were also supported by gains in other vegetable oil markets.

By 1010 GMT, U.S. soyoil for December delivery was up 0.4 percent. The most active January 2013 soybean oil contract on the Dalian Commodity Exchange ended the day 0.7 percent higher.

  Palm, soy and crude oil prices at 1005 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      OCT2    2278    +0.00    2270    2278      80
  MY PALM OIL      NOV2    2385    +1.00    2359    2403    1986
  MY PALM OIL      DEC2    2457   +19.00    2417    2483   25435
  CHINA PALM OLEIN JAN3    7022   +54.00    6962    7048  423594
  CHINA SOYOIL     JAN3    9240   +64.00    9134    9262  415276
  CBOT SOY OIL     DEC2   51.40    +0.15   50.76   51.55   11315
  NYMEX CRUDE      NOV2   91.72    -0.67   91.57   92.37   21703

  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=3.071 ringgit)