Indian soyoil extends gains to 1-week high, soybeans up 1pc
Indian soyoil futures rose for a third straight session to their highest in nearly a week, tailing g…Indian soyoil futures rose for a third straight session to their highest in nearly a week, tailing global markets, but declining overseas demand for soymeal kept the gains in check.
The US soybean market rose 0.3 percent after declining to its lowest since mid-November last week on expectations of record soybean output in Brazil.
Soyoil for February delivery on the National Commodity and Derivatives Exchange (NCDEX) was 0.59 percent higher at 695.45 rupees per 10 kgs at 0829 GMT, after hitting a high of 696.8 rupees, a level last seen on January 3.
The contract had gained 1.25 percent in the previous two sessions.
"Fundamentals are still weak as soymeal demand is declining, so we won't see a major upside in prices," said Chowda Reddy, a senior analyst with JRG Wealth Management.
Rapeseed for April was 0.20 percent higher at 3,557 rupees per 100 kg. The actively traded soybean contract for February delivery on the NCDEX was 1.14 percent higher at 3,182 rupees per 100 kg.
Resistance is placed at 3,195 rupees, with support at 3,130 rupees, said Reddy.
At the Indore spot market in Madhya Pradesh, soyoil was 6.90 rupees higher at 723.50 rupees per 10 kg, while soybeans were 15 rupees higher at 3,209 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed fell 22.50 rupees to be at 4,217.50 rupees.
