India soybean futures higher on overseas cues
MUMBAI, Oct 29 (Reuters) - India's soybean futures ended higher on Thursday tracking overseas leads and hopes of a revival in domestic and export demand for soymeal, but rising arrivals in the domestic spot market limited gains, analysts said.
"Firm trend in overseas market gave support to the uptrend in domestic market," said an analyst with Karvy Comtrade Ltd.
Malaysian crude palm oil futures rose 1.7 percent on Thursday, bouncing from 2-week lows hit earlier in the session although higher stocks kept traders cautious. See [ID:nKLR224192]
Palm oil and soybean are related commodities and their prices often move in tandem.
The most-traded November contract NSBX9 on the National Commodity and Derivatives Exchange ended 1.32 percent higher at 2,188.5 rupees per 100 kg at, after losing 1.9 percent in the previous two sessions.
(Reporting by Sourav Mishra and Siddesh Mayenkar; Editing by Sunil Nair)
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