* Malaysian exports down 10.5 pct for February -ITS * Exports fell 9.5 pct for same period -SGS * Palm oil to fall to 3,244 ringgit per tonne -technicals (Updates prices, adds SGS export data) By Chew Yee Kiat SINGAPORE, Feb 29 (Reuters) - Malaysian crude palm oil futures fell on Wednesday, pressured by concerns about slowing demand and the stronger ringgit currency, although hopes that the European Central Bank will offer cheap loans to European banks helped limit losses. The ringgit-priced palm oil feedstock is now more expensive for refiners as the currency gained further against the dollar, slashing gains in palm oil prices this month to 6.2 percent from Tuesday's 7 percent. Malaysian export numbers for February also pointed to slowing demand prospects. Some market players attributed this to a shift in orders to top producer Indonesia, which halved its export taxes for refined products. "I think part of the reason exports are slowing could be Indonesia getting a bigger slice of the market share," said Selena Leong, an analyst at DMG & Partners Research in Singapore. Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange fell 0.8 percent to close at 3,270 ringgit ($1,092) per tonne. It touched an intraday high of 3,321 ringgit on Tuesday, the highest since June 9 last year. Traded volumes stood at 21,483 lots of 25 tonnes each, lower than the usual 25,000 lots. Malaysian palm oil exports for February fell 10.5 percent compared to a month earlier , said cargo surveyor Intertek Testing Services. Another cargo surveyor, Societe Generale de Surveillance, reported a similar downward trend, saying exports dropped 9.5 percent from January. Reuters technicals analyst Wang Tao said palm oil will fall to 3,244 ringgit per tonne based on a wave cycle analysis. Ahead of a palm oil conference next week, Singapore-listed First Resources chief executive told Reuters on Wednesday the firm sees crude palm oil output rising by 10 percent this year. Brent crude oil rose above $122 on Wednesday, snapping two days of losses, in line with gains across broader financial markets on expectations that cheap loans from the European Central Bank will spur buying of riskier assets. Other vegetable markets posted slight losses. The U.S. soyoil contract for March delivery and the most active September 2012 soyoil contract on China's Dalian Commodity exchange both lost 0.1 percent. Palm, soy and crude oil prices at 1001 GMT Contract Month Last Change Low High Volume MY PALM OIL MAR2 3225 -23.00 3217 3245 79 MY PALM OIL APR2 3245 -32.00 3245 3267 1090 MY PALM OIL MAY2 3270 -25.00 3260 3288 12395 CHINA PALM OLEIN SEP2 8408 -8.00 8380 8420 64278 CHINA SOYOIL SEP2 9446 -10.00 9424 9466 200264 CBOT SOY OIL MAY2 54.75 -0.05 54.57 54.81 6017 NYMEX CRUDE APR2 107.07 +0.52 106.20 107.20 15477 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 * Bursa Malaysia holds its annual Palm and Lauric Oils Conference & Exhibition Price Outlook 2012 from March 5 to 7 in Kuala Lumpur. For details, see www.pocmalaysia.com

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