Indian soyaoil futures rose for a second day on Wednesday, boosted by higher Chicago soya contracts and a modest rebound in crude oil prices. The market was also underpinned by the farm minister's statement on Tuesday that there was no plan to lower import duties on edible oils, traders said.
At 2:20 pm (0850 GMT), the November futures contract on the National Commodity and Derivatives Exchange was up 0.45 percent at 525.50 rupees ($13.4) per 10 kg. The December futures rose 0.35 percent to 528.80 rupees. Soyabean futures on the Chicago Board of Trade rose more than 1 percent in Asian trade, extending gains overnight on strong demand from China, the world's top importer of the oilseed.
Higher crude prices prompt diversion of soyaoil for use as biofuel. US light crude for December delivery was trading 0.7 percent up at $91.78. Palm oil January contract on the Bursa Malaysia Derivatives Exchange was down 4 ringgits at 2,920 ringgit.
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