Indian rapeseed futures fell on Thursday, as traders sold contracts in a bid to invest money elsewhere. "The possibility of a better rapeseed output in the near-term has led to traders trying to take profits," a trader from Indore, in the central Indian state of Madhya Pradesh, said.
The January rapeseed contract closed 3 percent lower in heavy volume trade at 4,242 rupees ($62.43) per 100 kg, marking its seventh loss-making session. Soyoil and soybean contracts also closed lower on account of profit-taking, the trader said. The January soyoil contract on the National Commodity & Derivatives Exchange Ltd (NCDEX) was down 0.7 percent at 714.15 rupees per 10 kg as of 1205 GMT, while soybean closed 1.3 percent lower at 2,974 rupees following a session of heavy trading. Malaysia palm oil futures and soyoil on foreign exchanges also weighed on prices in local trading, as Malaysian palm shed more than 1 percent on Thursday. March sugar futures rose 0.4 percent to 3,590 rupees per 100 kg, which a Delhi-based trader said was driven by tepid selling by debt-ridden mills in the northern Indian state of Uttar Pradesh.