Indian soyoil futures fell on Tuesday afternoon on profit-taking triggered by weakness in Malaysian palm oil prices and a slowdown in demand at higher prices, analysts said. Rise in open market supplies after a spike in spot prices last week also weighed on the markets, they added.
At 2:10 pm (0840 GMT), the May contract was down 0.56 percent at 513.8 rupees ($10.4) per 10 kg on the National Commodity and Derivatives Exchange. The contract had risen more than 5 percent in the previous two sessions. The benchmark June contract eased 0.35 percent to 514.2 rupees.
At 0842 GMT, the benchmark July palm oil futures on Bursa Malaysia Derivatives Exchange was down 2 percent at 2,648 ringgit a tonne. Soyoil and palm oil are edible oils and are used as substitutes. Their prices often move in tandem.