27/11/2012 (Reuters) - Malaysian palm oil futures edged up on Monday on expectations stocks might grow at a slower pace, with the market also focusing on Greek financial aid deal set to be signed later in the day that may cheer markets.

Cargo surveyor data showed Malaysian exports declined at a much slower pace, easing pressure on stockbuild and supporting palm oil prices that have fallen 23 percent so far this year on roiling financial markets.  

"If exports maintain their two percent drop for the full month, it means that although inventory levels are poised to go higher, it may be growing at a slower rate than expected," said Kenanga Investment Bank analyst Alan Lim.

The benchmark February contract on the Bursa Malaysia Derivatives Exchange rose 1.5 percent to close at 2,432 ringgit ($796) per tonne.

Total traded volumes stood at 30,722 lots of 25 tonnes each, higher than the usual 25,000 lots. 

Technicals showed that a new bullish target of 2,485 ringgit per tonne has been established, aborting its more bearish 2,321 ringgit target previously, said Reuters market analyst Wang Tao.

Cargo surveyor Intertek Testing Services said palm oil exports in Nov. 1-25 fell 1.8 percent to 1,276,792 tonnes from a month ago, showing slight improvement from a 3.3 percent drop in the first twenty days of this month.

Another cargo surveyor, Societe Generale de Surveillance, reported a similar 1.9 percent drop for the same period.

The market expects weaker palm oil prices in October and November to stimulate demand from price-sensitive countries such as India and Pakistan, translating to higher exports in the weeks to come.

Financial markets across the world were generally optimistic about a euro zone finance ministers meeting on Monday which is pushing for international lenders to release emergency aid and stem the region's debt crisis.

Brent crude oil steadied around $111 a barrel on Monday as violent protests in Egypt raised new worries over the stability of the Middle East, reigniting supply concerns.

U.S. soyoil for December delivery inched up 0.5 percent in late Asian hours, resuming trade after Thanksgiving holidays. The most-active May 2013 soybean oil contract  on the Dalian Commodity Exchange closed 1.1 percent higher.

  Palm, soy and crude oil prices at 1005 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      DEC2    2265    -2.00    2240    2284     574
  MY PALM OIL      JAN3    2385   +30.00    2357    2392    5034
  MY PALM OIL      FEB3    2432   +37.00    2398    2438   17648
  CHINA PALM OLEIN MAY3    6816  +112.00    6766    6836  582850
  CHINA SOYOIL     MAY3    8602   +92.00    8578    8626  519198
  CBOT SOY OIL     DEC2   49.30    +0.26   48.95   49.50    5756
  NYMEX CRUDE      JAN3   87.73    -0.55   87.67   88.29   13919

  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=3.054 ringgit)