Indian soyaoil futures drop

Indian soyaoil futures fell on Tuesday, tailing lower rival palm oil in Malaysia, with the drop cushioned by an increase in base export prices of crude palm oil by Indonesia. By 3:33 pm (1003 GMT), the December contract on the National Commodity and Derivatives Exchange was down 0.35 percent at 535 rupees ($13.4) per 10 kg.
The contract had risen 2.8 percent in the last one week. The January contracts dropped 0.37 percent to 542 rupees, after rising 3.3 percent in a week. Late on Monday, Indonesia raised the base export price for crude palm oil to $862 a tonne from $784. India imports palm oil from Indonesia and Malaysia. Base export prices are used to calculate the amount of tax paid by exporters.