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India soy futures up, spots up on crushers' demand

Source : REUTERS
Last Updated: Mon, Nov 19, 2012 11:00 hrs

NEW DELHI, Nov 19 (Reuters) - Indian soyoil and soybean futures rose on Monday, tracking Malaysian palm oil futures, while demand from edible oil crushers' kept spots higher, traders and analysts said.

* Malaysian palm oil futures touched 2,479 ringgit ($810) per tonne on Monday, the highest since Nov. 5, tracking climbs in soybeans and rival soyoil.

* U.S. soybeans were up 0.9 percent at $13.96 per bushel at 1015 GMT.

* Rapeseed futures did not reflect the sentiment of soy complex as they traded down on profit-taking, but the spot was up on depleting stocks.

* "Soy futures have been supported by domestic oil crushers' demand for soybeans as the peak crushing season has started after Diwali," said Prasoon Mathur, senior analyst with Religare Commodities.

* He said demand from crushers would keep prices high until the end of this month.

* The December soybean contract on India's National Commodity and Derivatives Exchange was up 0.9 percent at 3,284 rupees per 100 kg.

* The December soyoil contract was up 0.5 percent at 696.5 rupees per 10 kg, while the December rapeseed contract was 0.5 percent down at 4,275 rupees per 100 kg.

* At the Indore spot market in Madhya Pradesh, soyoil edged up 5.2 rupees to 714 rupees per 10 kg, while soybeans rose 13 rupees to 3,289 rupees per 100 kg.

* At Sri Ganganagar in Rajasthan, rapeseed rose 13 rupees to 3,289 rupees.

[$1 = 3.0715 ringgits] (Reporting by Ratnajyoti Dutta; Editing by Prateek Chatterjee)



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