India soy futures seen up on CBOT gains; weak spot demand

Indian soy futures are seen up on Thursday (May 7) tracking overnight gains on Chicago Board of Trade (CBOT), which hit a fresh seven-month high on Wednesday (May 6), but weakness in spot may weigh, analysts said.

Weakness in Malaysian palm oil futures may limit gains in soy and push down soyoil prices, they added.

The June soy contract on the National Commodity and Derivatives Exchange (NCDEX) ended at Rs2,786 per 100 kilogrammes, down 0.84 percent on Wednesday (May 6).

US$1 = Rs49.485 (May 7)