18/06/2013 (Reuters) - Malaysian palm oil futures ended higher on Monday, after data showed exports rose in the first 15 days of the month as buyers stocked up ahead of the Muslim holy month of Ramadan, although gains were capped by uncertainty in the global markets.

Shipments of Malaysian palm oil products from June 1 to 15 jumped 18.5 percent from a month ago, cargo surveyor Intertek Testing Services (ITS) said on Saturday. Societe Generale de Surveillance (SGS) pegged the rise in shipments at 15.7 percent
for the same period. 

The spike in exports reflect higher purchases by India and Pakistan ahead of Ramadan in July, when communal feasting typically drives up consumption of the edible oil.  

"This jump in export demand for palm oil products is significant because if we look at the first 15 days exports number for the past six months, this is the highest figure," said Singapore-based Phillip Futures in a note to clients, referring to the export number of 709,860 tonnes from ITS.

However, the brokerage added that "unless the 2,500 ringgit level is broken on the upside, this current rally is considered as a relief rally".      

The benchmark September contract on the Bursa Malaysia Derivatives Exchange gained 0.9 percent to close at 2,459 ringgit ($785) per tonne, after trading in a range between 2,439 and 2,467 ringgit.

Total traded volumes stood at 20,015 lots of 25 tonnes each, well below the average 35,000 lots, as fragile sentiment ahead of this week's U.S. Federal Reserve policy meeting kept investors on the sidelines.

Market participants fear the U.S. central bank could announce moves to curb its stimulus programme, denting global growth and commodity demand.   

Malaysia, the world's No.2 palm oil producer, will set its crude palm oil export tax for July at 4.5 percent, unchanged since March, a government circular showed.   

In other markets, Brent crude steadied above $106 per barrel as a superpower standoff over the Syrian civil war intensified, raising the risk of conflict spilling into the Middle East oil producing region.

In vegetable oil markets, U.S. soyoil for July gained 0.4 percent in late Asian trading. The most-active September soybean oil contract on the Dalian Commodities Exchange gained 0.9 percent.   

  Palm, soy and crude oil prices at 1004 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      JUL3    2459   +24.00    2438    2464     689
  MY PALM OIL      AUG3    2464   +25.00    2442    2472    6818
  MY PALM OIL      SEP3    2459   +23.00    2439    2467    9718
  CHINA PALM OLEIN JAN4    6256   +46.00    6210    6276  477216
  CHINA SOYOIL     SEP3    7446   +66.00    7360    7458  244142
  CBOT SOY OIL     JUL3   48.67    +0.19   48.10   48.75    4801
  NYMEX CRUDE      JUL3   98.58    +0.73   97.38   98.67   21707

  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=3.131 ringgit)