* Prices close at 2,699 rgt, lowest since Feb. 18 * Rumours of poor palm oil exports weigh on prices * Cargo surveyor export data for March 1-25 to be released on Tuesday By Anuradha Raghu KUALA LUMPUR, March 24 (Reuters) - Malaysian palm oil futures fell to a more than one-month low on Monday, giving up gains from the early session to extend losses into a third straight day on fears of lacklustre demand for the tropical oil, although tight stocks kept prices propped up. Market players are watching for data on Malaysian palm oil exports for the March 1-25 period that will be released by cargo surveyors on Tuesday. Some traders say demand could have weakened from a month ago as key consumers cut back purchases. "Maybe it's the export rumours of 930,000 tonnes shipped for the first 25 days (of March)," said a trader with a local commodities brokerage. Malaysia, the world's No.2 producer, had shipped 1.02-1.05 million tonnes of palm oil for the same period in February. By Monday's close, the benchmark June contract on the Bursa Malaysia Derivatives Exchange had inched down 1.1 percent to 2,699 ringgit ($818) per tonne, its lowest since Feb. 18. Prices traded in a range of 2,697-2,756 ringgit. Total traded volume stood at 63,796 lots of 25 tonnes, much higher than the average 35,000 lots. Rainfall over most parts of palm-growing Malaysia last week ended a two-month drought that had hurt growth of palm fruit, and planters said yields will take time to recover. "Supply is still not that encouraging. Output is up, but the question is by how much," said another Kuala Lumpur-based trader. "Stocks are still going to be low. That's why the market has a tendency to go higher," the trader said, adding that crude palm oil buyers in the physical market are paying premium prices compared to the futures market due to the current tightness in supply. Palm oil inventories in Malaysia sank to an eight-month low of 1.66 million tonnes at end-February, forcing some refineries to cut back operations as feedstock became scarce. Lower output of processed palm oil products such as refined palm olein and palm stearin could tighten supplies for top buyers India, China and Europe. Traders expect palm oil demand to improve starting from the last week of March or early April, ahead of the Muslim festival of Eid al-Fitr, which typically drives up consumption of the tropical oil used in cooking and as an ingredient in a variety of food products. In other markets, Brent crude oil slipped, weighed down by Chinese data pointing to lower demand in the world's biggest energy consumer, but supported by worries that the Ukraine crisis and turmoil in Libya could hit oil supplies. In other competing vegetable oil markets, the U.S. soyoil contract for May gained 0.4 percent in late Asian trade, while the most active September soybean oil contract on the Dalian Commodities Exchange rose 0.2 percent. Palm, soy and crude oil prices at 1022 GMT Contract Month Last Change Low High Volume MY PALM OIL APR4 2790 -32.00 2785 2837 489 MY PALM OIL MAY4 2731 -33.00 2730 2790 9195 MY PALM OIL JUN4 2699 -30.00 2697 2756 33490 CHINA PALM OLEIN SEP4 6160 -4.00 6120 6186 382008 CHINA SOYOIL SEP4 6872 +16.00 6812 6886 465394 CBOT SOY OIL MAY4 41.19 +0.17 40.85 41.31 5759 NYMEX CRUDE MAY4 99.64 +0.18 99.05 99.71 11660 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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