Indian soyoil futures firmed on Thursday tracking global prices of palm and soy, while sugar contracts were mixed in thin trading on uncertainties about exports. By 0905 GMT, April soyoil futures on the National Commodity and Derivatives Exchange (NCDEX) were up 0.40 rupees at 465.50 per 10 kg.
"Soy oil is firming on a rally in CBOT and Malaysian palm oil prices too are up," said one dealer. Palm and soy compete in the same export markets. India, the world's leading buyer, buys palm oil from Indonesia and Malaysia and soy oil from South America.
Malaysia's crude palm oil futures rose marginally on Thursday, as the market sat near its highest level in three months on firm crude and soybean oil markets. Sugar was mixed as doubts persisted over the success of exports despite government incentives.
April sugar futures on the NCDEX were up 1 rupee at 1,460 per 100 kg, while May futures eased 2 rupees to 1,470. Farm Minister Sharad Pawar was quoted as saying on Tuesday that the government had decided to give transport incentives to mills to help exports as this year's crop was set to rise by 30 percent from last year to more than 25 million tonnes.
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