* Malaysia's Jan. 1-15 exports down 20.7 pct from a month ago -ITS * Malaysia sets Feb crude palm oil export tax at zero percent * Palm oil signals mixed -technicals (Updates prices, adds detail) By Chew Yee Kiat SINGAPORE, Jan 15 (Reuters) - Malaysian palm oil futures edged up on Tuesday, tracking gains in rival soybean oil prices, but gains were capped by persistently weak exports and record high stocks in the world's second largest producer of the edible oil. Exports of Malaysian palm oil products for Jan. 1 to 15 fell 20.7 percent to 570,510 tonnes from 719,817 tonnes shipped during Dec. 1 to 15, cargo surveyor Intertek Testing Services said on Tuesday. Shipments were also lower in the first 10 days of the month. The drop came amid China's stricter quality control rules on edible oil imports that may have prompted some exporters to hold back their shipments. Exports to Europe also took a hit as buyers refrain from purchasing palm oil that solidifies during the winter season. "The market is up a bit, tracking gains in Dalian and Chicago soybean oil," said a trader with a foreign commodities brokerage in Malaysia. "Exports were down but they were slightly better than the first 10 days and we hope for further improvement in the second half of the month." By the midday break, the benchmark March contract on the Bursa Malaysia Derivatives Exchange had gained 1.2 percent to 2,399 ringgit ($798) per tonne, taking its cue from U.S. March soyoil futures which had gained 2.4 percent in the previous session as bargain hunting and hopes of Chinese buying boosted soybeans. Total traded volume stood at 13,448 lots of 25 tonnes each, just slightly higher than the usual 12,500 lots. Technical analysis shows mixed signals for Malaysian palm oil as it is not clear that a downtrend starting from the Jan. 2 high of 2,524 ringgit will be reversed, said Reuters market analyst Wang Tao. Malaysia will set its crude palm oil export tax for February at zero percent, unchanged from January, a government circular showed on Tuesday, and traders hope that the zero percent tax will help clear record-high palm oil stocks which stood at 2.63 million tonnes in December. Brent crude held steady above $111 a barrel on Tuesday after ending the previous session more than $1 higher, with the lack of an agreement over the U.S. debt ceiling and a forecast increase in the country's oil inventory weighing on prices. U.S. soyoil for March delivery edged 0.1 percent lower in early Asian trade. The most active May soybean oil contract on the Dalian Commodity Exchange edged up 0.6 percent. Palm, soy and crude oil prices at 0614 GMT Contract Month Last Change Low High Volume MY PALM OIL JAN3 2330 +54.00 2298 2330 42 MY PALM OIL FEB3 2370 +30.00 2355 2372 214 MY PALM OIL MAR3 2399 +28.00 2388 2413 6421 CHINA PALM OLEIN MAY3 6736 +34.00 6724 6788 396160 CHINA SOYOIL MAY3 8594 +44.00 8588 8658 260286 CBOT SOY OIL MAR3 50.40 -0.05 50.39 50.79 5396 NYMEX CRUDE FEB3 93.80 -0.34 93.71 94.26 6097 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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