* Palm charts fourth gain in five sessions, hits intraday high of 2,729 rgt/T

* Market strengthens on lower production, better exports

* Palm's target of 2,761 rgt/T still intact - Technicals

(Updates prices)

23/09/2016 (Reuters) - Malaysian palm oil futures recorded a fourth session of gains in five on Thursday, supported by expectations of lower output and better than forecast export demand.

Palm also climbed to a five-month high in evening trade on bullish comments from leading analysts at an industry conference. It had dropped in the previous session after three days of gains.

Benchmark palm oil futures for December rose 1.8 percent to 2,725 ringgit ($664) a tonne at the close on the Bursa Malaysia Derivatives Exchange. It had earlier registered an intraday high of 2,729 ringgit, its highest since April 21. Traded volumes stood at 47,614 lots of 25 tonnes each, exceeding the 2015 average of 44,600.

"The belief is that production is lower (on average) and exports on-month is quite good. The uptrend is still intact," one Kuala Lumpur trader said.

Palm also rose strongly in the evening on comments by analysts at the Globoil India conference on Thursday.

Chairman of commodities consultancy LMC International James Fry had forecast that global palm oil output will rise by 4 million tonnes in the first half of next year, while the editor of Hamburg-based newsletter Oil World, Thomas Meilke, said that global palm oil supplies are insufficient to meet 2016/71 export demand.

Palm oil output has been rising in line with seasonal trends but at a lower level than previous years. Malaysian output in August rose 7.3 percent but registered its lowest August level since 2012, hit by crop damage from last year's El Nino. (MYPOMP-CPOTT)

Malaysian Sept. 1-20 palm oil shipments fell 11-12 percent versus the corresponding period last month, though traders had expected sharper declines.

A bullish target at 2,761 ringgit a tonne remains intact for palm oil, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

In related oils, the Chicago Board of Trade's December soybean oil contract rose 0.9 percent, while the January soybean oil contract on the Dalian Commodity Exchange was up 0.3 percent.

Palm, soy and crude oil prices at 1029 GMT

Contract Month Last Change Low High Volume

MY PALM OIL OCT6 2909 +36.00 2845 2909 908

MY PALM OIL NOV6 2783 +51.00 2711 2784 6906

MY PALM OIL DEC6 2726 +49.00 2658 2729 26520

CHINA PALM OLEIN JAN7 5700 -12.00 5672 5794 1305156

CHINA SOYOIL JAN7 6372 +16.00 6326 6440 682972

CBOT SOY OIL DEC6 33.98 +0.30 33.67 34.13 8723

INDIA PALM OIL SEP6 594.20 +4.00 587.40 595.6 1414

INDIA SOYOIL OCT6 667.8 +2.60 662.1 669.3 42280

NYMEX CRUDE NOV6 45.81 +0.47 45.52 45.88 55073

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
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel

($1 = 4.1060 ringgit)
($1 = 66.7300 Indian rupees)
($1 = 6.6692 Chinese yuan)