Indian soyaoil futures were mixed on Tuesday due to profit-taking and a dip in palm oil prices on the key Malaysian exchange. The June soyaoil futures on the National Commodity and Derivatives Exchange (NCDEX) were up 0.30 rupees at 483.40 rupees per 10 kg, while July futures had fallen 2.10 rupees to 484.85.
"Some profit-taking has taken place in soyaoil futures. It is also down because the Malaysian markets are weak," said a Mumbai-based commodity trader. Malaysian crude palm oil futures slipped 0.5 percent as players booked profits a day after the market surged on Indonesia's decision to raise an export tax on palm oil to 6.5 percent from 1.5 percent.
The benchmark September contract on the Bursar Malaysian Derivatives Exchange had fallen 12 ringgit, or 0.5 percent, to 2,445 ringgit ($714) a tonne, after hitting a session low of 2,415 ringgit.
Soyaoil prices generally track Malaysian palm as both oils compete for the same markets. Sugar futures were marginally up on short covering and minor supply problems caused by heavy rains, traders said. "Rainfall has disrupted supplies of cane from some regions, but it is a problem that is not likely to last beyond a day," a trader said. June sugar futures on the NCDEX were up 4 rupees at 1,229 per 100 kg, while July futures rose by the same margin to 1,288.
Comments
Comments are closed.