Indian soyaoil edges up

Indian soyaoil futures nudged higher on Monday afternoon, tracking a firm trend on Chicago Board of Trade (CBOT) and higher spot prices as traders made last-minute purchases ahead of festivals this week. A drop in soyabean futures and a rise in supplies of alternative rapeseed oil limited the gains.
At 3:09 pm (0939 GMT), the March contract was up 0.36 percent at 456.95 rupees ($8.8) per 10 kg on the National Commodity and Derivatives Exchange. April futures gained 0.09 percent to 451.75 rupees. Spot soyaoil prices in the central city of Indore, a hub for soyaoil trade in India, were up 1.6 percent at 44,700 rupees per tonne.
"There can be some correction after festive demand gets over. But a firm CBOT will support prices," Badruddin Khan, senior research analyst in Angel Commodities Broking Pvt Ltd, said.
Prices of July soyaoil futures on CBOT were up 0.73 percent at 31.59 cents per pound during electronic trade. Supplies of rapeseed oil, a substitute to soyaoil, have risen following large-scale arrival of new crop in the western state of Rajasthan, the largest producer. Arrivals of rapeseed, which is crushed to make the edible oil, exceeded 330,000 bags of about 85 kg each on Monday, higher than just over 300,000 bags on Saturday.