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Indian soyaoil futures rose by more than 0.6 percent on Wednesday due to short covering, analysts said. They had closed down in the last five sessions. However, weak crude palm oil futures on the Malaysian market may limit gains, the analysts added.
Prices of crude palm oil and soyaoil often move in tandem as they compete for the same markets, mainly in India and China. "The market has been trading in negative (territory) for last five sessions. Once again all those who went short during the bearish phase are now covering positions," an analyst at a Hyderabad-based brokerage said.
But gains will be limited as crude palm oil futures in Malaysia are down, he added. Crude palm oil futures fell 1.3 percent on Wednesday on Bursa Malaysia Derivatives.
At 0921 GMT (2.51 pm local time) the July contract on the National Commodity and Derivatives Exchange (NCDEX) was up 0.62 percent at 488.70 rupees per 10 kg. The August contract had risen 0.61 percent to 493.65 rupees.
"The crucial resistance of 491 rupees for the August contract has now been crossed. The market should close above this level," said Dinesh Somani, an analyst with Indiabulls Commodities Pvt Ltd.

Copyright Reuters, 2007

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