* Malaysia's Feb 1-15 palm oil exports up 18.1 pct -ITS * Small rise expected in March's crude palm oil export tax -trader * Palm oil to hover above 2,493 ringgit -technicals (Updates prices, adds detail) By Anuradha Raghu KUALA LUMPUR, Feb 15 (Reuters) - Malaysian palm oil futures climbed on Friday on positive export data, with investors cautious ahead of the weekend and a lack of cues from overseas markets capping gains. Prices were still headed for their first weekly loss in five weeks as investors waited for a government decision to determine the crude palm oil export tax in March, due later in the day. The current zero-percent duty has made Malaysia's products cheaper than top producer and biggest rival Indonesia. Exports of palm oil products in the first half of February grew 18 percent from the first half of January to 673,555 tonnes, cargo surveyor data showed, boosted by strong demand from major edible oil buyers Europe, China and India. Shipments of the crude grade doubled during the period compared to the previous month's first two weeks. By the midday break, the benchmark April contract on the Bursa Malaysia Derivatives Exchange rose 1.0 percent to 2,521 ringgit ($815) per tonne. Prices were rangebound between 2,503 and 2,521 ringgit. Total traded volumes stood at 12,050 lots of 25 tonnes each, slightly lower than the average of 12,500 tonnes. The export data should hold the market above 2,500 ringgit, said a trader with a foreign commodities brokerage in Malaysia, adding that there was a possibility of a small rise in the March export tax. "The important thing is whether the tax can create demand," he said. "There could be a prompt demand from India and China -- especially from India who buys a lot of crude palm oil." Technical analysis showed palm oil is expected to hover above a support at 2,493 ringgit per tonne for one trading session before breaking this level and falling more. Tepid global economic conditions have slowed edible oil demand and kept stockpiles stubbornly high in Malaysia, the world's No.2 palm oil producer, with prices tumbling 23.2 percent last year. A zero-percent duty tax structure introduced by Malaysia in January provided positive sentiment for investors, but forecasts of bumper soy crops in Latin America, palm's vegetable oil competitor, has weighed on the market and kept prices rangebound. "For the past few months, high stockpiles and improving weather conditions in Brazil and Argentina have continued to weigh on prices," said Phillip Futures analyst Ker Chung Yang in Singapore. "But on the flip side Malaysia and Indonesia have aggressively engaged in activities to support exports." Crude palm oil prices will continue to be rangebound between 2,200 and 2,600 ringgit as investors await further cues, he said. Another cargo surveyor, Societe Generale de Surveillance, was to release its exports data for Feb. 1-15 later in the day. Brent crude steadied around $118 per barrel, still heading for its first weekly loss in five after disappointing euro zone data revived concerns about the troubled region. In competing vegetable oil markets, U.S. soyoil for March delivery inched down 0.1 percent in early Asian trade. The Dalian Commodity Exchange is closed for the Lunar New Year holidays and will resume trading on Monday. Palm, soy and crude oil prices at 0519 GMT Contract Month Last Change Low High Volume MY PALM OIL FEB3 2428 -8.00 2428 2428 1 MY PALM OIL MAR3 2495 +20.00 2482 2495 1100 MY PALM OIL APR3 2521 +26.00 2503 2521 4947 CHINA PALM OLEIN SEP3 7088 -24.00 7082 7156 307504 CHINA SOYOIL SEP3 8714 -42.00 8712 8788 218624 CBOT SOY OIL MAR3 51.67 -0.02 51.55 51.98 2315 NYMEX CRUDE MAR3 97.31 +0.00 97.24 97.47 3188 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 ($1=3.0945 ringgit)

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