09/11/2012 (Reuters) - Malaysian palm oil futures fell to their lowest in more than a month on Thursday, tracking losses in global markets caused by renewed worries that economic woes in the United States and Europe could hurt commodity demand.

Crude oil and equities slumped as euphoria faded after President Barack Obama's re-election on Wednesday, with the world's biggest economy now facing a so-called fiscal cliff of $600 billion in automatic tax increases and spending cuts.

Sentiment was also dented by a gloomy outlook for Europe after the European Commission said the euro zone economy would barely grow next year.    

"There is a lot of uncertainty after the U.S. election, you have all these problems in Europe, and then there's also the fiscal cliff," said a trader with a foreign commodities brokerage in Malaysia.

"Local sentiment for palm is also bearish, because of high stocks. I don't think palm has any support until you can see very strong demand followed by a drawdown in stocks, then the market will stabilise."

The benchmark January contract on the Bursa Malaysia Derivatives Exchange closed 2.9 percent down at 2,328 ringgit ($760) per tonne, the lowest since Oct. 4.

Total traded volumes stood at 37,323 lots of 25 tonnes each, higher than the usual 25,000 lots.

Palm oil prices must stay at around 2,200 ringgit a tonne for two months in order to stimulate demand for the edible oil and reduce high stock levels, leading industry analyst Dorab Mistry said at a conference in China on Thursday.

Malaysian palm oil futures have lost almost 25 percent so far this year, weighed by record high stocks and global economic uncertainty.

Stock levels in Malaysia, the world's No.2 palm oil producer, may reach a new record at 2.67 million tonnes in October, a Reuters survey showed on Tuesday.   

Traders will be watching Malaysian exports data for Nov. 1-10 from cargo surveyor Intertek Testing Services, due to be released on Saturday, and October stocks data from industry regulator, the Malaysian Palm Oil Board, on Monday.     

In related markets, Brent crude rose above $107 a barrel in Asia on Thursday as a slump of almost 4 percent in the previous session, its biggest fall in about a year, lured in some buyers, although worries over a possible U.S. fiscal crisis and Europe's woes kept a lid on gains.

In other vegetable oil markets, U.S. soyoil for December delivery inched up 0.1 percent in early Asian trade. The most active May 2013 soybean oil contract on the Dalian Commodity Exchange ended flat.       

  Palm, soy and crude oil prices at 1007 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      NOV2    2240   -50.00    2240    2284     151
  MY PALM OIL      DEC2    2297   -33.00    2280    2337    2174
  MY PALM OIL      JAN3    2328   -69.00    2328    2399   17791
  CHINA PALM OLEIN MAY3    6788   -44.00    6780    6868  437004
  CHINA SOYOIL     MAY3    8750    +0.00    8690    8796  652164
  CBOT SOY OIL     DEC2   48.71    +0.09   48.45   48.97    8569
  NYMEX CRUDE      DEC2   84.97    +0.54   84.51   85.39   22723

  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=3.06 ringgit)