Indian soyabean futures jumped more than 2 percent on Thursday, extending gains for another session to hit their highest level in more than a month, following strong leads in global markets, coupled with aggressive stocking by millers in the domestic market.
Malaysian palm oil futures were up 1.36 percent at 2,530 ringgit per tonne at 0726 GMT and US soyabeans rose 1.1 percent to $15.64 per bushel. "One reason is that international markets are up and some millers are also buying aggressively," said Chowda Reddy, a senior analyst with JRG Wealth Management.
The November soyabean contract on the National Commodity and Derivatives Exchange was up 2.33 percent at 3,375 rupees per 100 kg, after hitting a high of 3,380 rupees, a level last seen on September 26. Buying is advised in November soyabean at 3,350 rupees, targeting 3,410 rupees, with a stop loss of 3,325 rupees, said Reddy.
The November soyaoil contract was 1.06 percent up at 694 rupees per 10 kg, while rapeseed was 0.62 percent higher at 4,237 rupees per 100 kg. At the Indore spot market in Madhya Pradesh, soyaoil edged 1.25 rupees higher to 704.10 rupees per 10 kg, while soyabean rose 59 rupees to 3,349 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed rose 50 rupees to 4,300 rupees. Soyabean production in 2012/13 is expected to rise 8.8 percent on year to 12.67 million tonnes, while rapeseed output is likely to grow nearly 25 percent to 6.5 million tonnes, industry officials said.
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