* Palm oil's rebound limited to 2,503 ringgit -technicals * Malaysia delays decision on crude palm oil export tax -official * Dalian's soybean oil falls to 4-month low after week-long break * Coming Up: Malaysia Sept stocks, output on Wednesday (Updates prices) By Chew Yee Kiat SINGAPORE, Oct 8 (Reuters) - Malaysian palm oil futures closed down 2 percent on Monday as traders braced for rising inventory levels, offseting bargain-hunting seen earlier in the market after steep declines last week to a near three-year low. A monthly report by the Malaysian Palm Oil Board (MPOB) on Wednesday could show September stock levels hitting a record high, setting a bearish tone for fundamentals. "The market has no specific direction to go yet after falling so much," said a Singapore-based trader with a global commodities house, referring to prices that fell to near 3-year low and posted their third straight weekly loss last week. "We have the MPOB report for September's end-stock. The market has been expecting the worst so if it is a bit better than market expectations, that will help for a good rebound," the trader added. The benchmark December contract on the Bursa Malaysia Derivatives Exchange lost 2 percent to close at 2,368 ringgit ($785) per tonne, after trading in a range from 2,361 to 2,446 ringgit. Total traded volumes stood at 36,000 lots of 25 tonnes each, much higher than the usual 25,000 lots. Technical analysis showed palm oil is expected to end its rebound at or below 2,503 ringgit per tonne, and fall towards 2,230 thereafter, Reuters market analyst Wang Tao said. Palm oil investors are looking out for Malaysia export data for Oct. 1-10, also due on Wednesday, after weaker-than-expected numbers in September failed to alleviate concerns over high stock levels. The market received a temporary boost last week from a possible Malaysian move to slash crude palm oil export taxes to 8-10 percent from 23 percent, but an official said on Friday the decision had been delayed. China's soybean oil futures fell to a 4-month low on Monday, after trade resumed following a week-long holiday and in line with steep losses on the Malaysian palm oil market last week. The most active January 2013 soybean oil contract on the Dalian Commodity Exchange closed 2 percent lower at 9,088 yuan per tonne, after going as low as 9,050 yuan, a level last seen on June 5. In a bearish sign for palm oil, Brent crude oil fell below $111 per barrel on Monday on concerns that slower economic growth would curb oil demand, but supply worries stemming from tension in the Middle East helped check losses. In other vegetable oil markets, U.S. soyoil for December delivery edged down 0.4 percent in late Asian trade. Palm, soy and crude oil prices at 1014 GMT Contract Month Last Change Low High Volume MY PALM OIL OCT2 2225 -23.00 2225 2260 278 MY PALM OIL NOV2 2314 -20.00 2311 2363 1588 MY PALM OIL DEC2 2368 -47.00 2361 2446 18807 CHINA PALM OLEIN JAN3 6872 -334.00 6838 7020 480794 CHINA SOYOIL JAN3 9088 -190.00 9050 9204 405378 CBOT SOY OIL DEC2 50.95 -0.24 50.91 51.55 12947 NYMEX CRUDE NOV2 88.77 -1.11 88.27 89.88 22555 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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