Indian soyaoil futures rose on Wednesday tracking gains in Malaysian palm oil, which was pushed higher by concerns over supplies in coming months. By 1:20 pm (0750 GMT), the January contract on the National Commodity and Derivatives Exchange was up 0.33 percent at 548.35 rupees ($13.90) per 10 kg. February had risen 0.56 percent to 556.55 rupees.
Malaysian palm oil reached record highs, gaining close to 2 percent, as surging demand for food and fuel amid fears of falling output raised concerns about the supply outlook next year.
The March palm contract on the Bursa Malaysia Derivatives Exchange was 1 percent up at 3,075 ringgit a tonne, retreating from the day's high of 3,083. Palm and soya oils are related commodities and their prices often move in tandem. "Indian soya futures are likely to remain bullish in the short term on global cues," said Saurabh Singh, head of research at MK Commodity Brokers Ltd.
Comments
Comments are closed.