Indian soyaoil futures fell on Monday as new crop soyabean arrivals rose while festival demand for oils in the physical market eased. At 2:15 pm (0845 GMT), the November futures contract on the National Commodity and Derivatives Exchange was down 0.62 percent at 501.80 rupees ($12.8) per 10 kg.
The December futures dropped 0.71 percent to 506.80. "Soyaoil demand is sluggish in the physical market as most of the festival buying is over," Narrate Vijayvargia, a soyaoil broker in the central Indian city of Indoor said. Dowel, the festival of lights, is celebrated on November 9.
Soyabean arrivals from the new crop in central and western states of Madly Prudish and Maharashtra crossed 1.3 million bags of about 100 kg each on Monday, against an average daily arrival of 1.1-1.2 million bags last week, traders said. Prices of rival palm oil January contract on the Bursar Malaysia Derivatives Exchange rose 0.75 percent to 2,939 ringgit ($864.4).