June 5, 2017 / 12:02 PM / in 5 months

Indian oilseeds snap two-day losing streak on short-covering

NEW DELHI, June 5 (Reuters) - Indian rapeseed and soyoil futures rose on Monday, snapping a two-day losing streak due to short-covering.

“But the overall trend is weak,” said Chowda Reddy, an analyst at Inditrade Capital Ltd, adding there were no changes to the fundamental factors affecting the price of the commodities.

The June rapeseed contract closed 1.5 percent higher at 3,530 rupees ($54.85) per 100 kg on the National Commodities and Derivatives Exchange.

June soybean futures closed up 0.3 percent at 2,675 rupees, while soyoil futures were trading 0.3 percent higher at 619.30 rupees, as of 1149 GMT. ($1 = 64.3550 Indian rupees) (Reporting by Sudarshan Varadhan; Editing by Sherry Jacob-Phillips)

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