* "Healthy" correction seen in palm oil futures * Palm oil to peak at about 3,270 ringgit - technicals * Malaysian weather office issues another flood warning * Malaysia Dec stocks down 5.7 percent - Reuters poll (Updates throughout, adds details) By Chew Yee Kiat SINGAPORE, Jan 4 (Reuters) - Malaysian crude palm oil futures closed unchanged on Wednesday as an improving global economic outlook offset profit-taking after a weather-fuelled rally that lifted the market to a six-week high the previous day. Upbeat U.S. and European data pointed to improved growth prospects and commodity demand this year despite lingering worries over the euro debt crisis that helped palm oil notch its first annual decline since 2008. For the first week of the new year, markets are focusing on dry weather in South America hurting soy yields and the chances of heavy Southeast Asian rains disrupting palm oil production. "Futures were a little overbought yesterday. Albeit the strong sentiment, product buyers were not enthusiastic at all yesterday. The high prices will dampen the already anaemic demand," said a dealer with a local commodities brokerage in Malaysia. "Healthy correction is in the making -- palm futures are targeted to see 3,150-3,180 ringgit in the near term," the dealer added. Benchmark March palm oil futures on the Bursa Malaysia Derivatives Exchange closed unchanged at 3,225 ringgit ($1,000) per tonne. The market started the year strongly on Tuesday, hitting a six-week high of 3,244 ringgit, a level unseen since Nov. 21. Palm oil futures are expected to peak at about 3,270 ringgit according to a wave analysis, said Reuters market analyst Wang Tao. Traded volumes for palm oil futures on Wednesday stood at 18,284 lots of 25 tonnes, thinner than the usual 25,000 lots as some traders said they were waiting for further cues. "There is no new catalyst. We have been talking on weather for too long and now all eyes are on December stock level," said another trader with a foreign commodities brokerage in Kuala Lumpur. A Reuters survey of seven plantation firms showed on Wednesday that Malaysia's palm oil stocks for December are likely to drop 5.7 percent from November to a five-month low of 1.95 million tonnes. On the weather front, the Malaysian Meteorological Department issued a warning that heavy rains may trigger floods over low-lying areas in key oil palm growing states of Johor, Pahang, Sabah and Sarawak, which account for almost three quarters of national palm oil output. Heavy rains can often disrupt production and may further tighten stocks although traders have reported very few disruptions in deliveries owing to the floods. While Malaysian palm oil exports slipped in December, demand according to cargo surveyors hovered at about 1.49 million tonnes -- a level that can further eat into stocks. For top producer Indonesia, crude palm oil output is expected to climb 6 percent to 25 million tonnes this year due to rising plantation areas, the Indonesian Palm Oil Association (Gapki) said on Wednesday. On the demand side, India's edible oil imports in the year ending October 2012 are likely to rise by 6.3 percent to 8.9 million tonnes and all the additional imports will be refined palm oil after Indonesia changed export taxes, a senior Indian industry official said. In related markets, Brent crude held steady around $112 a barrel on Wednesday, supported by fears of possible supply disruptions from Iran and upbeat economic data from the United States and China. U.S. soyoil for January delivery inched down 0.5 percent in Asian trade after rallying in the previous session on Argentine weather worries. The most active Sept 2012 soyoil contract on China's Dalian commodity exchange gained 1.2 percent on the back of stronger global economic sentiment. Palm, soy and crude oil prices at 1006 GMT Contract Month Last Change Low High Volume MY PALM OIL JAN2 3220 -13.00 3202 3235 195 MY PALM OIL FEB2 3223 -10.00 3200 3242 681 MY PALM OIL MAR2 3225 +0.00 3197 3241 12407 CHINA PALM OLEIN MAY2 8086 +104.00 8072 8140 55714 CHINA SOYOIL SEP2 9084 +106.00 9058 9128 200678 CBOT SOY OIL MAR2 53.15 +0.04 52.71 53.18 4139 NYMEX CRUDE FEB2 102.82 -0.14 102.38 103.15 13114 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

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