Indian soyoil futures rise on weak rupee; rapeseed, sugar fall

Source : REUTERS
Last Updated: Thu, Dec 01, 2016 18:20 hrs

Dec 1 (Reuters) - Indian soyoil futures were on track to close higher for a second straight day as a weaker rupee pushed import costs higher and lower crushing thinned supply.

The December soyoil futures rose to 726.60 Indian rupees ($10.63) per 10 kg on Thursday at 1225 GMT, a day after the contract rose to its highest intraday level in about 2-1/2 years.

However, soft commodities such as rapeseed and sugar continued to be volatile.

Indian sugar futures slumped by more than one percent to 3,418 rupees after snapping an eight-day losing streak on Wednesday.

The volatility in sugar prices in India is due to the cash crunch faced by debt-ridden sugar mill owners in the central Indian state of Uttar Pradesh and the anticipation of higher production this season, a trader said.

The December rapeseed contract was down about 1 percent on Thursday, at 4,788 rupees per 100 kg, due to profit-taking.

SOYBEAN

* The December soybean contract was largely flat at 3,115 rupees per 100 kg.

CORN, WHEAT

* December corn futures lost about 0.5 percent to close at 1,434 rupees per 100 kg, while the December wheat contract fell 0.3 percent to 2,019 rupees per 100 kg. ($1 = 68.3599 Indian rupees) (Reporting by Sudarshan Varadhan in New Delhi; Editing by Vyas Mohan)



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