28/11/2012 (Reuters) - Malaysian palm oil futures edged down on Tuesday, as traders booked profits from a near one-week high after Greece's international lenders agreed on a financial aid deal that boosted market optimism.

On the domestic front, investors are watching Malaysian palm oil output to gauge whether stocks will reach another record high, especially after the latest cargo surveyor data pointed to weaker export demand.

"Demand is tepid, with rumours that India may import on domestic shortfall. Speculators are also seen pushing up futures amid optimism that output in the fourth quarter will avert the looming 'supply cliff'," said a trader with a local commodities brokerage in Malaysia.

The benchmark February contract on the Bursa Malaysia Derivatives Exchange fell 0.9 percent to close at 2,410 ringgit ($792) per tonne, but off the day's high of 2,458 ringgit, a level last seen on Nov. 21.

Total traded volumes stood at 35,938 lots of 25 tonnes each, higher than the usual 25,000 lots. 

Technicals showed palm oil would revisit its Nov. 20 high of 2,485 per tonne based on a wave analysis, said Reuters market analyst Wang Tao.  

Cargo surveyor data showed a slight decline of below 2 percent for Malaysian palm oil shipments in the first 25 days of November from a month ago.

The market, however, expects weaker palm oil prices to stimulate demand for price-sensitive markets such as India and Pakistan in the next few weeks.   

Palm oil stocks in China could hit one million tonnes by year-end, up from 790,000 tonnes last week, fed by surging imports and stagnant domestic demand, the China National Grain and Oils Information Centre said on its website (www.grain.gov.cn).

Brent crude stayed above $111 per barrel on Tuesday as optimism coursed through financial markets after Greece's international lenders reached a deal on a new debt target, although worries about a looming U.S. fiscal crisis kept a lid on gains.

In other vegetable oil markets, U.S. soyoil for December delivery inched up 0.3 percent in late Asian trade. The most-active May 2013 soybean oil contract on the Dalian Commodity Exchange closed 0.4 percent lower.        

  Palm, soy and crude oil prices at 1005 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      DEC2    2178   -87.00    2175    2270     374
  MY PALM OIL      JAN3    2355   -30.00    2346    2409    4150
  MY PALM OIL      FEB3    2410   -22.00    2401    2458   15919
  CHINA PALM OLEIN MAY3    6808    +2.00    6794    6870  518110
  CHINA SOYOIL     MAY3    8568   -32.00    8560    8650  535904
  CBOT SOY OIL     DEC2   49.42    +0.16   49.13   49.70    2348
  NYMEX CRUDE      JAN3   88.05    +0.31   87.71   88.25   13184

  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=3.05 ringgit)