02/03/2013 (Reuters) - Malaysian palm oil futures fell to their lowest in more than six weeks on Friday, extending losses to an eighth straight session, as weak exports continued to weigh and investors turned cautious ahead of a key industry conference next week.

Traders were concerned Malaysia's palm exports, which one cargo surveyor said fell 9.1 percent in February, would decline further as a zero-percent export tax for the crude grade rises to 4.5 percent this month.  

Focus is also shifting to Bursa Malaysia's annual palm oil conference next week, where leading industry analysts including Dorab Mistry and James Fry will present their price outlooks.

"The market is waiting for Dorab Mistry's forecast next week, which is likely to be bearish," said Alan Lim Seong Chun, a research analyst at Malaysia's Kenanga Investment Bank.

"February exports were weaker than the expected 3 percent decline. Besides that, soybean oil overnight also declined about 1 percent so that also pressured the palm oil market."

The benchmark May contract on the Bursa Malaysia Derivatives Exchange slid 1.3 percent to close at 2,368 ringgit ($766) per tonne, a level last seen on Jan. 14.

Total traded volume stood at 30,079 lots of 25 tonnes each, higher than the usual 25,000 lots.

For the week, the edible oil posted a 6.6 percent loss, the worst since mid-November, tracking losses in the soybean oil market as improving South American weather boosts the supply outlook for soybeans.

Industry players are also keeping an eye on slowing palm oil output in Malaysia, the world's No.2 producer.

Less production could help ease inventory levels, which stood at 2.58 million tonnes in January, although slowing exports could mean the reduction in stocks will be slight.

In other markets, Brent crude slipped to a six-week low below $111 a barrel on Friday, weighed down by growth worries as political gridlock raised the prospect of massive U.S. government spending cuts.     

In competing vegetable oil markets, U.S. soyoil for May delivery fell 0.3 in late Asian trade. The most-active September soybean oil contract on the Dalian Commodity Exchange closed 0.7 percent lower.

  Palm, soy and crude oil prices at 1013 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      MAR3    2350   -25.00    2340    2372      72
  MY PALM OIL      APR3    2360   -27.00    2358    2393     760
  MY PALM OIL      MAY3    2367   -30.00    2367    2405   15852
  CHINA PALM OLEIN SEP3    6608   -66.00    6582    6646  655196
  CHINA SOYOIL     SEP3    8252   -58.00    8224    8284  574276
  CBOT SOY OIL     MAY3   48.97    -0.16   48.96   49.54    7139
  NYMEX CRUDE      APR3   91.10    -0.95   90.97   91.97   21485

  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=3.09 ringgit)