Reuters logo
Indian soyoil hits 4-month high; rapeseed trades a tad higher
June 20, 2013 / 8:18 AM / 4 years ago

Indian soyoil hits 4-month high; rapeseed trades a tad higher

MUMBAI, June 20 (Reuters) - Indian soyoil futures extended gains on Thursday to their highest level in four months due to a pick-up in demand ahead of festivals, while soybeans rose to their over two-month crest on lower supplies in a lean season.

* At 0813 GMT, the actively traded soybean contract for July delivery on the National Commodity and Derivatives Exchange (NCDEX) was 0.81 percent higher at 3,962.50 rupees per 100 kg, after hitting a high of 3,974 rupees, a level last seen on April 10.

* “Oilseeds and soyoil will trade up due to rising demand from stockists ahead of festivals,” said Ambika T.B., an analyst with Karvy Comtrade.

* Indian farmers are expected to increase soybean planting in 2013/14, encouraged by a rally in prices. The increase would help the world’s top importer of edible oils to cap expensive overseas purchases and boost oil meal exports to Asian countries.

* The key July soyoil contract on the NCDEX was 0.71 percent higher at 706 rupees per 10 kg, after hitting a high of 707 rupees, a level last seen on Feb. 22.

* The actively traded rapeseed for July delivery was 0.45 percent higher at 3,540 rupees per 100 kg.

* At the Indore spot market in Madhya Pradesh, soyoil was flat at 715.65 rupees per 10 kg, while soybeans rose 18 rupees to 4,033 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed rose 6.95 rupees to 3,515.10 rupees. (Reporting by Siddesh Mayenkar; Editing by Subhranshu Sahu)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below