Indian soyaoil futures rose for a second day on Wednesday, as crude oil prices hovered near record highs raising the prospect for more diversion of vegetable oils for biofuel. A weakening rupee that slid to 41.305/315 per dollar, down more than 4 percent this year also added to the upward pressure on prices.
India imports about 40 percent of its edible oil consumption. At 3:19 pm (0949 GMT), May futures on the National Commodity and Derivatives Exchange were up 0.91 percent at 585.45 rupees ($14.2) per 10 kg, while the June futures rose 1.17 percent to 587.50 rupees.
"High crude oil prices and a weak rupee are driving prices across the edible oil complex," an analyst said. India mainly imports palm oil from Malaysia and Indonesia and soyaoil from Argentina and Brazil.