05/06/2012 (Reuters) - Malaysian palm oil futures fell to the lowest so far this year on Monday, as investors rushed for the exits on growing global economic fears that also triggered a broader sell-off in other commodities markets.

Palm oil closed below the key 3,000-ringgit mark for the first time since December 2011, with investors bearish due to weak economic data and as the eurozone debt crisis rumbles on.

"Sentiment is bad across all risky assets, for example crude oil. On the demand side, however, palm oil is still positive," said Alan Lim, research analyst with Kenanga Investment Bank in Malaysia.

"Palm oil is more on the defensive side because it's used mainly for food, so demand should be sustainable. Investors will be looking closely at the Greece election on June 17, so the market will still be volatile for this week and next week."

The benchmark August palm oil futures on the Bursa Malaysia Derivatives Exchange slumped 1.6 percent to close at 2,958 ringgit ($923) per tonne after going as low as 2,925 ringgit, the lowest since Nov 2, 2011.

Traded volumes stood at 42,377 lots of 25 tonnes each, much higher than the usual 25,000 lots as investors liquidated positions.

On the technicals front, Reuters market analyst Wang Tao remained bearish, saying palm oil will fall to 2,830 ringgit per tonne as indicated by its wave pattern and a Fibonacci projection analysis.

Demand for the edible oil remained flat to firm in May, according to export numbers reported by cargo surveyors.

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, when fasting in the day is followed by feasting in the evening.

But despite healthy physical demand, a sluggish performance in other global commodity markets weighed on futures prices.

Brent crude extended losses to hit a 16-month low below $96 a barrel on Monday, as weak U.S. and Chinese economic data fanned renewed fears of a global economic slowdown, which would hit oil demand.

In other vegetable oil markets, U.S. soyoil for July  delivery lost 1 percent in late Asian trade and the most active Jan 2013 soyoil contract on the Dalian commodity exchange lost 2.3 percent.          

  Palm, soy and crude oil prices at 1005 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      JUN2    2945   -28.00    2920    2945     265
  MY PALM OIL      JUL2    2952   -51.00    2926    2965    1167
  MY PALM OIL      AUG2    2958   -48.00    2925    2970   25805
  CHINA PALM OLEIN JAN3    7640  -240.00    7584    7812  235740
  CHINA SOYOIL     JAN3    8974  -208.00    8930    9138  534704
  CBOT SOY OIL     JUL2   48.15    -0.44   47.81   49.18   13314
  NYMEX CRUDE      JUL2   81.78    -1.45   81.21   83.38   39428

  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 = 3.198 Malaysian ringgit)