Indian soyoil futures rose on Monday after new data showed a leap in overall imports by China so far this year, and on strong buying in the physical market ahead of a period of peak winter demand.
"Chinese appetite for soyoil and soybean will grow in coming weeks as their domestic production is hit by dry weather," said Kunal Shah, an analyst with Motilal Oswal Commodities Broker. By 2:35 pm (0905 GMT), the December contract on the National Commodity and Derivatives Exchange was up 0.82 percent at 538.00 rupees ($13.6) per 10 kg, while the January contract had risen 0.75 percent to 544.00 rupees.
Data released by the General Administration of Customs of China on Monday showed imports of soyoil in the 11 months to November 2007 had risen 99.9 percent to 2.56 million tonnes compared to the same period a year ago.
Good local demand helped prices in the spot market. Prices of refined soyoil in the central city of Indore, a hub of the soyoil trade, rose 0.39 percent to 51,400 rupees per tonne. Prices have risen 1.8 percent in a week. February contract palm on the Bursa Malaysia Derivatives Exchange rose 0.79 percent to 2,949 ringgit ($883.7) a tonne.
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