* Cautious mood dominates sentiment ahead of EU summit on June 28-29 * Malaysia's palm oil exports rose for June 1-25 * Palm oil to fall to 2,390 ringgit in 3 months - technicals (Updates prices) By Chew Yee Kiat SINGAPORE, June 27 (Reuters) - Malaysian crude palm oil futures edged down on Wednesday as investors bet a summit of European leaders later this week is unlikely to resolve the region's lingering debt crisis soon. Losses were limited in a quiet trading session, as hot and dry weather in the United States crimped the soybean crop, fuelling expectations of tighter oilseed supply that may eventually lift palm oil prices. "There's no new lead in terms of local sentiment, that's why the market is locked in a range of 3,000 to 3,050 ringgit. Immediate support is at 3,000 ringgit," said a trader with a foreign commodities brokerage in Malaysia. "The weather is going to have a strong influence on the palm oil market in the near term. Palm oil is supported by the dry weather in the U.S. especially because it's the planting season." Benchmark September palm oil futures on the Bursa Malaysia Derivatives Exchange lost 0.2 percent to close at 3,025 ringgit ($948) per tonne, after trading in the 3,004-3,043 ringgit range. Traded volumes were thin at 17,235 lots of 25 tonnes each, compared with the usual 25,000 lots as traders were looking for further cues to enter the market. On the technicals front, Reuters market analyst Wang Tao posted a bearish quarterly outlook, saying palm oil could fall to 2,390 ringgit over the next three months. Demand remains healthy with Malaysian palm oil exports showing an uptrend for the first 25 days of the month. Traders expect the trend to continue on last-minute buying leading up to the Muslim fasting month starting in end-July. Palm oil's steep discount to soybean oil also provided an upside for prices, especially as the drought in the U.S. Midwest threatened to limit the oilseed supply further. Traders are also watching the U.S. Department of Agriculture's June acreage report for soybeans on Friday. Brent crude oil fell on Wednesday on mounting concerns that European leaders would fail to solve the region's intractable debt crisis at a key meeting this week, offsetting tighter North Sea oil supply. In other vegetable oil markets, U.S. soyoil for July delivery inched up 0.3 percent in late Asian trade. The most active January 2013 soyoil contract on Dalian commodity exchange closed 0.1 percent lower. Palm, soy and crude oil prices at 1002 GMT Contract Month Last Change Low High Volume MY PALM OIL JUL2 2995 -20.00 2995 3028 103 MY PALM OIL AUG2 3011 -12.00 2999 3033 968 MY PALM OIL SEP2 3016 -16.00 3004 3043 10138 CHINA PALM OLEIN JAN3 8002 -6.00 7950 8026 330608 CHINA SOYOIL JAN3 9500 -8.00 9442 9526 578046 CBOT SOY OIL DEC2 51.93 +0.15 51.56 52.09 4381 NYMEX CRUDE AUG2 78.99 -0.37 78.68 79.63 22244 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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