Indian soyaoil futures rose on Wednesday, tracking firm spot demand ahead of a festival next month and a slowdown in arrivals of new crop soyabeans. At 1:44 pm (0814 GMT), the November futures contract on the National Commodity and Derivatives Exchange was up 1.13 percent at 494.20 rupees ($12.5) per 10 kg.
The December contracts rose 0.89 percent to 497.10 rupees. Traders said soyabeans arrivals in the central state of Madly Prudish and western Maharashtra had slowed to about 800,000 bags, each of about 100 kg, against an average daily arrival of about 1 million bags last week.
"The arrivals should remain sluggish throughout the week because traders lower their activities during the festivities and take a holiday," an analyst with ICICI Direct said. But physical demand will remain strong in the run up to Dowel, the festival of lights, in November, traders said. Refined soyaoil prices in the central city of Indoor rose 0.64 percent to 47,400 rupees a tonne, they said.
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