VEGOILS-Palm slips nearly 2 pct on worries of high stockpiles

* Palm sees sharpest daily decline in a week

* Earlier rose to high of 2,064 rgt/T

* Market also down, expecting Indonesian levy removal -

trader

(Updates with closing prices, quote)

By Emily Chow

KUALA LUMPUR, Dec 3 (Reuters) - Malaysian palm oil futures

fell nearly 2 percent at the close of trade on Monday after

reaching a more than one-week peak, hit by concerns over high

stockpiles and expectations that Indonesia would remove its palm

oil export levy.

The benchmark palm oil contract for February delivery

on the Bursa Malaysia Derivatives Exchange was down

1.96 percent at 2,000 ringgit ($480.42) a tonne at the end of

the trading day, its sharpest daily decline in a week and

snapping three sessions of gains.

Palm had opened higher on Monday, rising as much as 1.2

percent to 2,064 ringgit, its highest since Nov. 22.

Trading volumes stood at 52,163 lots of 25 tonnes each at

the close of trade. (1FCPO-TOT)

"Palm opened higher following strength in the Chicago Board

of Trade's soybean oil and China's Dalian palm olein futures

contracts on positive developments in G20 Summit," a Kuala

Lumpur-based trader said.

Chicago soybeans climbed on Monday to their highest in

almost six months after the United States and China agreed to a

90-day truce that will permit talks to end a festering trade war

that has roiled commodities markets.

"If the market buys more soyoil, palm will be less

attractive," said a Singapore based trader.

Traders also said the palm market fell later in the day over

concerns of rising stockpiles and expectations that top palm

producer and exporter Indonesia will soon implement the removal

of its palm oil export levies.

Indonesia said last week it would temporarily remove a levy

on palm oil to boost exports after a sharp drop in prices hit

farmers. It is expected to take effect once the finance ministry

issues the regulation.

In other related oils, the Chicago December soybean oil

contract jumped 1.2 percent on Monday, while the January

soybean oil contract on the Dalian Commodity Exchange

fell 0.7 percent.

Meanwhile, the Dalian January palm oil contract

edged down 0.4 percent.

Palm oil is impacted by movements of other edible oils, as

they compete for a share in the global vegetable oil market.

Palm, soy and crude oil prices at 1124 GMT:

Contract Month Last Change Low High Volume

MY PALM OIL DEC8 1813 -59.00 1808 1887 255

MY PALM OIL JAN9 1918 -51.00 1909 1995 4119

MY PALM OIL FEB9 1999 -40.00 1988 2064 22332

CHINA PALM OLEIN JAN9 4210 -16.00 4206 4290 251032

CHINA SOYOIL JAN9 5382 -36.00 5370 5462 260646

CBOT SOY OIL DEC8 28.14 +0.32 28.11 28.22 293

INDIA PALM OIL DEC8 489.00 +1.60 483.40 491.8 1523

INDIA SOYOIL DEC8 727 +7.05 722.3 727.7 10180

NYMEX CRUDE JAN9 53.10 +2.17 52.03 53.85 221574

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

India soy oil in Indian rupee per 10 kg

Crude in U.S. dollars per barrel

($1 = 4.1630 ringgit)

($1 = 70.4100 Indian rupees)

($1 = 6.8902 Chinese yuan)

(Reporting by Emily Chow; editing by Sai Sachin Ravikumar and

David Evans)