01/06/2012 (Reuters) - Malaysian palm oil futures slipped to near a one-week low on Thursday and notched their biggest monthly loss since September 2009 as they tracked a wide sell-off in commodities due to worries over the effect of the euro zone debt crisis on the global economy.

The hunt for safe-haven assets in Europe spread to Austrian and French bonds, although European shares and the euro regained some stability, as worries over Spain and its troubled banks weighed on market sentiment.

The benchmark August palm oil futures on the Bursa Malaysia Derivatives Exchange ended down 0.3 percent at 3,101 Malaysian ringgit ($980) per tonne. Prices, which earlier hit a low at 3,083 ringgit, have slipped more than 10 percent this month.

"Macro again," said a Jakarta-based palm trader. "Last night all European stock markets were much lower and the soybean complex was also lower.

"But the downside is limited due to a weaker ringgit."

Traded volumes stood at 15,106 lots of 25 tonnes each, compared with Wednesday's total at 17,601 lots.

Last week when no significant breakthrough was made in resolving Europe's debt crisis, the benchmark fell to its lowest this year at 2,993 ringgit per tonne. 

Palm oil is set to revisit its May 23 low of 2,993 ringgit per tonne, driven by a wave (5), said Reuters market analyst Wang Tao based on technical analysis.

In related markets, oil edged up near $104 as buyers moved back in after Wednesday's heavy sell-off, but continuing nervousness around the demand outlook and the euro zone crisis kept oil on course for its biggest monthly percentage drop in two years.

Chicago corn and soybeans inched lower and were headed for their biggest monthly decline since September amid the deepening euro zone debt crisis.

Earlier this week, benchmark palm prices had risen to their highest in almost two weeks, buoyed by weather conditions in the United States.

Helping to stem losses in palm oil were expectations of a rise in demand from India and Pakistan for Ramadan, where fasting in the day is followed by feasting in the evening.

Indonesia kept its export tax for crude palm oil at 19.5 percent for June.

In Malaysia, the world's second-biggest palm oil producer after Indonesia, Prime Minister Najib Razak unveiled the $3.3 billion listing of palm oil giant Felda Global.

Data from Malaysia also showed palm oil product exports during May rose 2.4 percent to 1,382,091 tonnes from 1,349,642 tonnes shipped from April.

"Exports were within expectations," said a Kuala Lumpur-based trader. "But many are still hopeful of an improvement in shipments due to Ramadan."

Cargo surveyor Societe Generale de Surveillance said exports of Malaysian palm oil products for May fell 0.2 percent to 1,333,869 tonnes.

In other vegetable oil markets, the most active Dalian soyoil September contract eased 1 percent.

    Palm, soy and crude oil prices at 1046 GMT:  
   
  Contract        Month    Last   Change     Low    High  Volume        
  M'ASIA PALM OIL  JUN2    3075    -9.00    3054    3075      37        
  M'ASIA PALM OIL  JUL2    3100    -9.00    3083    3116    2392        
  M'ASIA PALM OIL  AUG2    3101   -10.00    3083    3119   15104        
  M'ASIA PALM OIL  SEP2    3095   -10.00    3083    3116    3701        
  DALIAN SOY OIL   JAN3    9240   -80.00    9226    9292  245774        
  CBOT SOY OIL     JUL2   49.67    -0.02   49.56   49.77    9349        
  NYMEX CRUDE      JUL2   88.00    +0.18   87.42   88.28   29103        

    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 = 3.1630 Malaysian ringgits)