25/02/2013 (Reuters) - Malaysian palm oil futures slid to their lowest in nearly a month on Monday, tracking steep falls in other vegetable oil markets, although better-than-expected export numbers helped rein in losses.

The most active U.S. soyoil contract for May delivery was down 0.7 percent in late Asian trade after losing almost 2 percent on Friday, weighed down by weak soybean prices due to improved prospects for South American supply.

Investors were also reacting to falls in China's most active September soyoil contract, which tumbled more than 3 percent to its lowest since mid-November, hurt by concerns over demand growth after a slip in the country's manufacturing output index. By 1011 GMT prices had slid by 3.2 percent.

"The market is tracking the U.S. and Dalian soybean oil markets. All these are external factors," said a trader with a foreign commodities brokerage in Kuala Lumpur.   

The benchmark May contract on the Bursa Malaysia Derivatives Exchange had eased 2.5 percent to 2,471 ringgit ($797) per tonne by Monday's close, but were off an earlier low of 2,461 ringgit, the lowest level since Jan. 29.

Total traded volume stood at 37,569 lots of 25 tonnes each, higher than the usual 25,000 lots, as traders rushed to liquidate positions.

Technicals showed Malaysian palm oil is expected to revisit its Dec. 13, 2012 low of 2,217 ringgit per tonne over the next four weeks, as a long-term downtrend has resumed, said Reuters market analyst Wang Tao.

Investor sentiment picked up, however, after cargo surveyor Intertek Testing Services reported a 4.6 percent increase in Malaysian palm oil exports to 1,153,852 tonnes for the Feb. 1-25 period from a month ago.   

Another cargo surveyor, Societe Generale de Surveillance, reported exports in the same period picked up 2.7 percent, buoyed by higher shipments to Europe and India.

"The numbers were slightly better than expected and will probably stay at this pace towards the end of the month on a last-minute push to ship out tax-free crude palm oil," said a dealer with a foreign commodities brokerage in Malaysia.

Malaysia, the world's No.2 producer of the edible oil, will raise February's zero percent export tax to 4.5 percent in March after keeping it unchanged for two months.

Traders are counting on improving palm oil exports and  seasonally slowing output in the world's No. 2 producer of the edible oil to help ease stockpiles that stood at 2.58 million tonnes in January. 

In other markets, Brent crude wiped out early losses to trade above $114 per barrel on Monday as a firmer euro supported prices, although worries that a retreat in China's manufacturing activity would dent demand from the world's top energy consumer capped gains.     

  Palm, soy and crude oil prices at 1004 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      MAR3    2422   -56.00    2409    2455     735
  MY PALM OIL      APR3    2448   -61.00    2438    2458    4792
  MY PALM OIL      MAY3    2471   -63.00    2461    2482   18869
  CHINA PALM OLEIN SEP3    6780  -268.00    6768    6960  799048
  CHINA SOYOIL     SEP3    8422  -276.00    8370    8580  903508
  CBOT SOY OIL     MAY3   50.44    -0.29   50.16   50.75   13392
  NYMEX CRUDE      APR3   93.64    +0.51   92.96   93.74   16561

  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=3.100 ringgit)