* Oil falls $1 to below $37 a barrel * Gold bounces from one-month low on bargain hunting * Shanghai copper falls by daily limit, ignores trade data * Agriculture products down on demand worries By Lewa Pardomuan SINGAPORE, Jan 13 (Reuters) - Oil extended losses to below $37 a barrel on Tuesday and agricultural products were knocked lower on fears of a deepening recession, but safe-haven buying helped pluck gold from its weakest in a month. Shanghai copper defied stronger-than-expected copper imports in December and tumbled by their daily limit, Tokyo rubber also tracked oil lower, while Malaysian palm oil futures dropped almost 6 percent on worries about slackening demand. Oil, whose movements often dictate those of commodities such as gold, base metals and soybeans, fell to its weakest in more than two weeks, extending a near 8 percent overnight loss as investors grew more pessimistic about energy demand. [O/R] "Demand is still a concern for commodities in the near term and the 'demand destruction' factor will come into play again if the global economy continues to show signs of weakness," said Adrian Koh, analyst at Phillip Futures in Singapore. "For the near term, I guess we will be hovering in a consolidation pattern and should the economy shows signs of improving, the demand for commodities should start to pick up again." Top central bankers said the global economy will slow down sharply in 2009 as industrialised economies contracted [nLC292826], while latest data from the Organisation for Economic Cooperation and Development (OECD) showed that the world's major and emerging economies were heading towards a "deep slowdown". [ID:nLC293995] Weak economic data continues to unnerve investors. China's exports and imports fell in December for the second month in a row, data on Tuesday showed, underscoring how badly sapped the world's fourth-largest economy was. [ID:nPEK141749] By 0732 GMT, oil CLc1 had fallen $1.26 to 36.33 a barrel. Slumping fuel demand due to the global recession sent oil prices down 54 percent in 2008. Crude is now off more than $100 from its record peak above $147 a barrel last July. Among industrial metals, copper ignored strong initial Chinese copper imports, which rose 32 percent on the month in December, as investors chose to focus on the likely implications for stockpiles in Shanghai. [MET/L] Benchmark third month Shanghai copper SCFc3 fell 6 percent from Monday's settlement to 26,370 yuan at the close, while three-month London Metal Exchange copper MCU3 fell 1.5 percent to $3,200, extending Monday's $150 loss. "With the big rise in copper imports in December, China's copper stockpile is seen growing. I expect copper prices in China to fall faster than foreign markets," said Xu Liping, an analyst at Hna Topwin Futures. "Together with a slowdown in domestic demand growth, I expect China's copper imports to keep falling this year." Gold shrugged off weak oil to hit a high of $826.45 an ounce before slipping to $818.20, still up from a one-month low of $814.65 hit the previous session, on bargain hunting and buying from jewellers ahead of the Lunar New Year later this month. Gold has bounced more than 20 percent since falling to a 13-month low around $680 in late October. It hit an all-time high of $1,030.80 an ounce last March. But worries about falling demand put pressure on agricultural commodities. U.S. corn futures CH9 dropped 2.5 percent, a day after the market fell by its daily limit following a government report that showed the global recession was cutting into demand and buoying supplies. [GRA/] Malaysian palm oil futures fell to a one-week low to track losses in soyoil. [POI/]. Weaker oil spurred selling in Tokyo rubber futures, offsetting a plan by Thai government to buy the commodity from the market to shore up prices. [RUB/AS] (Additional reporting by Fayen Wong in PERTH, Nick Trevethan, Naveen Thukal in SINGAPORE, Apornrath Phoonphongphiphat in BANGKOK, Chikako Mogi in TOKYO and Niluksi Koswanage in KUALA LUMPUR; Editing by Ben Tan)

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