Indian soyaoil futures rose on Tuesday on firm prices of rival Malaysian palm oil and growing local demand, analysts said. At 1:47 pm (0817 GMT), the August contract on the National Commodity and Derivatives Exchange (NCDEX) was up 0.16 percent at 507.60 rupees ($12.57) per 10 kg.
The September contract had risen 0.28 percent to 511.00 rupees. "The prices rose on firm international markets, a rise in Malaysian palm oil," an analyst at IL&FS Investsmart Commodities Ltd said. The benchmark October crude palm oil contract on the Bursar Malaysia Derivatives Exchange was up 1 ringgit at 2,637 ringgit ($762) a tonne.
In trade, crude palm oil futures hit a two-month high on firmer prices of rival soyabean oil and healthy export growth. Palm and soya oils compete for similar markets and their prices often move in tandem.
The demand for all edible oils is gradually increasing in India, said an analyst at a Mumbai-based commodity brokerage, and upcoming religious festivals are likely to see a spike in demand.
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