New Delhi: Indian soyoil futures rose on Thursday, boosted by firm international prices and gains in palm oils prices, while sugar futures found some buying interest after heavy falls this month.
At 0915 GMT, the April soyoil futures on the National Commodity and Derivatives Exchange were up Rs2.60 at Rs481.00 per 10 kg, while May futures rose Rs4.65 to Rs485.00.
“Soyoil has gone up after remaining bearish in the last couple of days, tracking trends in the overseas markets,” an analyst with a Mumbai-based brokerage said.
A substantial rise in palm oil prices in the last couple of days helped push soy contracts up, the analyst said.
Malaysian crude palm oil July contracts were up 3% at 0957 GMT on expectations of favourable export figures on Friday.
Palm and soy oil prices generally move in tandem as both compete for the same market. India, one of the leading importers of vegetable oils, buys palm oil from Malaysia and Indonesia and soyoil from Brazil and Argentina.
The analyst said the rise in sugar futures was just a blip and said supply concerns would again push prices down.
India is forecast to produce a record 26 million tonnes of the sweetener in the crop year to September 2007, up from 19.3 million tonnes a year earlier.
The April sugar futures on the NCDEX were up Rs15 at Rs1,315 per 100 kg — still 10% below its end-March level of Rs1,460 — while the May futures rose Rs4 to Rs1,353.