Indian soyaoil futures fall

Indian soyaoil futures fell for a second day on Wednesday as traders unwound their long positions in the wake of resistance in the spot market and a drop in world prices. By 2:13 pm (0843 GMT), the December contract on the National Commodity and Derivatives Exchange was down 0.21 percent at 527.95 rupees ($13.4) per 10 kg.
The January contracts fell 0.28 percent to 533.30 rupees. "There is no support from the physical market, which is putting pressure on the prices," said Naresh Vijayvargia, a soyaoil broker in the central city of Indore.
Spot prices of refined soyaoil fell 0.4 percent to 50,700 rupees a tonne as big buyers stayed away, waiting for a correction in prices that had risen about 4.5 percent since November 1. Palm oil February contract on the Bursa Malaysia Derivatives Exchange dropped 0.76 percent to 2,867 ringgit ($857.9) per tonne.