Indian soy, soyoil futures up slightly on short-covering

Indian soy and soyoil futures edged up on Friday (July 17) on expectation of firm spot demand and short-covering after markets fell in over two weeks, but large-scale sowing in last one week weighed, analysts said.

A firm Malaysian palm may also support prices, analysts said.

August soy contract on the National Commodity and Derivatives Exchange edged up 0.18 percent to Rs2,265 per 100 kg, while August soyoil futures was up 0.71 percent at Rs451.25 per 10 kg.

Market is also awaiting latest sowing figures, which the government is likely to release later in the day. Trade is expecting a sharp rise in sowing of key oilseeds compared to last week.

Benchmark October palm oil futures on Bursa Malaysia Derivatives Exchange was up 1.73 percent at MYR2,055 a tonne.

US$1 = Rs48.680 (July 17)