26/04/2013 (Reuters) - Malaysian palm oil futures rose to a near two-week high on Thursday as better-than-expected exports lured investors back to the futures market, although lingering fears of a potential stock buildup capped gains.

Exports in the first 25 days of April rose a surprise 5.2 percent to 1,123,129 tonnes from a month ago, according to cargo surveyor data. Shipments of crude palm oil nearly doubled and demand from Europe and India picked up.

Firmer overseas soy markets in the United States and China also gave additional strength to palm, the most widely traded vegetable oil in the world.

U.S. soybeans edged up as the market took a breather after sliding more than 1 percent on rising supplies from South America and slowing Chinese demand.

"The (palm) market today is up on the back of the friendly exports report and bean oil markets," said a trader with a foreign commodities brokerage in Kuala Lumpur.

"But the only thing that is hampering the market from really going higher is the impending buildup in stocks in months to come," the trader added. "People are talking about the long-term issues, that's why the market has been playing range trading for the past two weeks."

The benchmark July contract on the Bursa Malaysia Derivatives Exchange rose to 2,326 ringgit ($764) in early Asian trade, the highest since April 12. It closed at 2,308 ringgit, up 0.8 percent. Prices traded in a tight range between 2,302 and 2,326 ringgit.

Total traded volumes stood at 24,489 lots of 25 tonnes each, lower than the average 35,000 lots.

Technicals showed palm oil is expected to rise more to 2,347 ringgit, as it has cleared a resistance at 2,310 ringgit, Reuters market analyst Wang Tao said.

China, which buys 60 percent of the world's traded soybeans, could further cut bean imports in response to a deadly bird flu virus outbreak -- a move that could curb a rally in benchmark Chicago prices and potentially crimp palm prices.

"The bird flu might only slightly affect demand side and Malaysian palm purchasing," the Kuala Lumpur-based trader said.

"But it may have some pricing impact on soybean and soybean meal. Indirectly, it will affect soybean oil and palm oil."

Another cargo surveyor, Societe Generale de Surveillance, will release its April 1-25 export data later on Thursday.

In other markets, Brent crude oil prices held above $101 a barrel on Thursday, although scepticism set in on whether Wednesday's rally would be sustained as traders focused on the weak outlook for global demand and rising supply.

The U.S. soyoil for July delivery rose 0.6 percent in late Asian trade. The most-active September soybean oil contract on the Dalian Commodities Exchange edged up 0.1 percent.

  Palm, soy and crude oil prices at 1007 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      MAY3    2296   +11.00    2295    2320     423
  MY PALM OIL      JUN3    2321   +25.00    2313    2335    1931
  MY PALM OIL      JUL3    2308   +19.00    2302    2326   12695
  CHINA PALM OLEIN SEP3    5980    +4.00    5968    6042  576998
  CHINA SOYOIL     SEP3    7314   -46.00    7310    7386  837772
  CBOT SOY OIL     JUL3   49.19    +0.29   48.85   49.45   10628
  NYMEX CRUDE      JUN3   91.84    +0.41   91.30   91.98   20742

  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 = 3.035 ringgit)