* Prices fall to 2,370 ringgit, weakest since Oct. 8 * Market weighed by stockpile concerns, U.S. elections * Palm oil to rebound to 2,470 ringgit -technicals (Updates throughout) By Chew Yee Kiat SINGAPORE, Nov 6 (Reuters) - Malaysian palm oil futures fell to the lowest in almost one month on Tuesday, dropping for a third straight session, as concerns over rising stockpiles and uncertainty ahead of the U.S. elections weighed on prices. Inventory levels in Malaysia - the world's No.2 palm oil producer - may climb to 2.67 million tonnes in October, surpassing previous month's record at 2.48 million tonnes, a Reuters survey showed on Tuesday. Industry regulator the Malaysian Palm Oil Board (MPOB) will issue October stocks data on the coming Monday. "Everybody is looking at the MPOB number that is expected to reach 2.7 million tonnes, and the market is reacting badly to that," said James Ratnam, an analyst with Malaysia's TA Securities. The benchmark January contract on the Bursa Malaysia Derivatives Exchange fell 1.6 percent to close at 2,372 ringgit ($775) per tonne, just off its intraday low at 2,370 ringgit, the weakest since Oct. 8. Total traded volumes stood at 34,020 lots of 25 tonnes each, higher than the usual 25,000 lots. Prices had edged up briefly before the midday break as an almost 5 percent drop over the last two trading sessions lured buyers. Worries that year-end floods in Malaysia could hit supplies also checked losses. "So far I have not heard of any big impact from floods. This is still a very early stage. The flood usually happens at the end of the year, and depending on the strength, it could disrupt supply and support prices." Traders also remained cautious ahead of the U.S. elections. President Barack Obama and Republican challenger Mitt Romney were essentially deadlocked on election eve, polls show, raising concerns of a cliffhanger delaying the outcome and roiling markets, as it did during the extended presidential battle in 2000. Technicals showed palm oil could stage a rebound to 2,470 ringgit as a fall from the Oct. 25 high of 2,615 ringgit has temporarily ended, said Reuters market analyst Wang Tao. In related markets, Brent crude held over $107 per barrel on Tuesday, as uncertainty ahead of the U.S. elections and renewed worries about Greece and the euro zone crisis headed traders' concerns. Other vegetable oil markets recovered from the previous day's losses. U.S. soyoil for December delivery edged up 0.9 percent in late Asian trade, while the most active May 2013 soybean oil contract on the Dalian Commodity Exchange inched up 0.1 percent. Palm, soy and crude oil prices at 1006 GMT Contract Month Last Change Low High Volume MY PALM OIL NOV2 2280 -20.00 2280 2310 330 MY PALM OIL DEC2 2325 -27.00 2315 2358 1516 MY PALM OIL JAN3 2372 -39.00 2370 2421 17860 CHINA PALM OLEIN MAY3 6838 -4.00 6786 6888 412430 CHINA SOYOIL MAY3 8762 +12.00 8712 8808 586256 CBOT SOY OIL DEC2 48.73 +0.41 48.35 48.98 5481 NYMEX CRUDE DEC2 85.92 +0.27 85.42 85.98 15900 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

Source