* Palm oil recovers from 2012 low marked on Monday * Local fundamentals healthy, but external factors weigh (Updates prices, adds details) By Chew Yee Kiat SINGAPORE, June 5 (Reuters) - Malaysian palm oil futures rebounded on Tuesday, tracking a recovery in overseas markets as investors looked to policymakers for new action to tackle the euro zone's debt crisis. Palm oil closed at its lowest level in 2012 the previous day, reflecting the bearish sentiment seen in a global sell-down of most commodities including crude oil and soybean oil. But investors took a more optimistic stance on Tuesday ahead of a conference call of the Group of Seven's finance chiefs. "The market is a bit stronger today, basically on short covering and retracement after the previous day's sharp fall," said a trader with a foreign commodities brokerage in Malaysia. "The palm oil market is adjusting to external factors. It will still be volatile until the Greek election." By the midday break, benchmark August palm oil futures on the Bursa Malaysia Derivatives Exchange gained 1.3 percent to 2,992 ringgit ($938) per tonne. Prices touched a low of 2,925 ringgit on Monday, their lowest since Nov 2, 2011. Traded volumes stood at 10,092 lots of 25 tonnes each, slightly lower than the usual 12,500 lots. Demand for the edible oil remained firm in May, with cargo surveyor Intertek Testing Services reporting a 2.4 percent increase in Malaysian palm oil product exports. Another cargo surveyor, Societe Generale de Surveillance, reported an almost-flat export number for the same period. The bulk of the orders came from Pakistan and the Middle East where Muslims are getting ready to observe a month of fasting starting in mid-July, with traders expecting exports to remain healthy for June. But traders said market volatility could continue despite solid fundamentals as most investors are now taking cues from global uncertainty and price movements in external markets. Brent crude prices rebounded for a second straight session on Tuesday, rising above $99 per barrel on support from a weaker dollar. In other vegetable oil markets, U.S. soyoil for July delivery inched up 0.6 percent, recovering from earlier losses, while the most active Jan 2013 soyoil contract on the Dalian commodity exchange also gained 0.7 percent. Palm, soy and crude oil prices at 0551 GMT Contract Month Last Change Low High Volume MY PALM OIL JUN2 2985 +40.00 2985 2990 220 MY PALM OIL JUL2 2989 +37.00 2987 3004 621 MY PALM OIL AUG2 2992 +39.00 2980 3008 6123 CHINA PALM OLEIN JAN3 7748 +70.00 7684 7766 118998 CHINA SOYOIL JAN3 9078 +64.00 9008 9092 261060 CBOT SOY OIL JUL2 48.59 +0.28 48.28 48.70 4332 NYMEX CRUDE JUL2 84.84 +0.86 84.02 84.92 8624 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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