* Malaysian Feb exports fall around 10 pct
* Palm oil to fall to 3,212 ringgit -technicals (Updates throughout)
By Chew Yee Kiat
SINGAPORE, March 1 (Reuters) - Malaysian crude palm oil futures edged up on Thursday, spurred by positive factory data from second-largest importer China but gains were capped as export trends showed weaker demand.
Malaysian export numbers eased in February, cutting palm oil gains to 3.4 percent so far this year. Some market players attributed the lower exports to a shift in orders to top producer Indonesia, which slashed export taxes for refined products.
"Exports are slightly negative because it suggests demand remains relatively weak, but it could be because we have fewer working days in February," said Ivy Ng, an analyst with Malaysia's CIMB Investment Bank.
"It also may be because logistics have not been smooth due to the holiday season. It could also imply that demand has been shifting to Indonesia because of the favourable tax structure there."
Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange gained 0.5 percent to close at 3,285 ringgit ($1,095) per tonne.
Traded volumes stood at 20,170 lots of 25 tonnes each, thinner than the usual 25,000 lots.
Malaysian palm oil exports for February eased 10.5 percent from a month earlier , cargo surveyor Intertek Testing Services said. Another cargo surveyor, Societe Generale de Surveillance, reported a similar downward trend, saying exports dropped 9.5 percent from January.
Market players expect February stock levels to be flat or end higher as exports seem to be slowing at a faster pace than production in second-largest palm oil producer Malaysia.
Reuters technicals analyst Wang Tao said palm oil would fall to 3,212 ringgit per tonne, as indicated by a Fibonacci retracement.
Oil rose above $123 a barrel on Thursday as signs of economic growth in China and the United States bolstered the demand outlook and concern persisted about supply disruption from Iran.
In other vegetable oil markets, the U.S. soyoil contract for March delivery was flat in Asian trade and the most active September 2012 soyoil contract on China's Dalian Commodity exchange lost 1.1 percent. Palm, soy and crude oil prices at 1006 GMT
Contract Month Last Change Low High Volume MY PALM OIL MAR2 3240 +15.00 3213 3255 157 MY PALM OIL APR2 3268 +23.00 3221 3268 1974 MY PALM OIL MAY2 3285 +15.00 3233 3285 12332 CHINA PALM OLEIN SEP2 8298 -100.00 8296 8376 129632 CHINA SOYOIL SEP2 9336 -102.00 9332 9430 309694 CBOT SOY OIL MAY2 54.44 -0.03 54.10 54.50 10204 NYMEX CRUDE APR2 107.20 +0.13 106.55 107.37 16801
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
* Bursa Malaysia holds its annual Palm and Lauric Oils Conference & Exhibition Price Outlook 2012 from March 5 to 7 in Kuala Lumpur. For details, see www.pocmalaysia.com
($1=3.000 ringgit) (Editing by Miral Fahmy)