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India edible oil complex displays mixed trade

Source : REUTERS
Last Updated: Tue, Nov 20, 2012 10:40 hrs

NEW DELHI, Nov 20 (Reuters) - Indian oilseed futures traded down on Tuesday, taking cues from Malaysia palm oil futures, but soyoil futures rose on crushers' demand for soybean, traders and analysts said.

* Malaysian palm oil futures lost 0.6 percent to 2,445 ringgit ($800) per tonne at 09.25 GMT.

* "Mixed trade was on display with soybean and rapeseed traded down while soyoil rose due to buying support at lower levels," said Prasoon Mathur, a senior analyst with Religare Commodities.

* He said soyoil futures were up on crushers' appetite for soybean as the soft oil is preferred in winter as it does not freeze at lower temperature like its rival palm oil.

* India, the world's top buyer of vegetable oils, mainly buys palm oil from Indonesia and Malaysia, and a small quantity of soyoil from Brazil and Argentina.

* India's palm oil imports were about 77 percent of the total edible oil imports during 2011/12. For a factbox on India's vegetable oil sector, click

* The December soybean contract on India's National Commodity and Derivatives Exchange was down 0.1 percent at 3,278 rupees per 100 kg.

* The December rapeseed contract was 0.4 percent down at 4,249 rupees per 100 kg.

* The December soyoil contract was up 0.5 percent at 700.2 rupees per 10 kg.

* At the Indore spot market in Madhya Pradesh, soyoil rose 5.25 to 719.25 rupees per 10 kg, while soybeans rose 16 rupees to 3,313 rupees per 100 kg. [$1 = 3.0630 ringgits] (Reporting by Ratnajyoti Dutta; Editing by G.Ram Mohan)




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