Indian soyaoil futures extended losses on Friday to hit their lowest in a month, tracking declines in Malaysian palm oil and hit by a stronger rupee, while soyabeans dropped on sluggish export demand for soyameal. Malaysian palm oil futures fell to their lowest since December on Friday, as global market uncertainties diminished demand for the edible oil from top customers China and India.
At 1200 GMT, the key February soyaoil contract on the National Commodity and Derivatives Exchange (NCDEX) was 0.73 percent down at 620.45 rupees per 10 kg, after falling to 619.5 rupees earlier in the day, the lowest since December 24. The February soyabean contract closed 0.74 percent lower at 3,334 rupees per 100 kg, while the April rapeseed contract dropped 1.6 percent to 3,377 rupees per 100 kg. Oilseeds and soyaoil futures are likely to edge higher in the next session on bargain buying.