SINGAPORE, Nov 8 (Reuters) - Malaysian palm oil futures edged down on Thursday, tracking losses in global markets on 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.
By the midday break, the benchmark January contract on the Bursa Malaysia Derivatives Exchange had lost 0.4 percent to 2,387 ringgit ($780) per tonne.Total traded volumes stood at 10,994 lots of 25 tonnes each, lower than the usual 12,500 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.
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