March 12, 2008

 

India soy and soy oil futures rise as rival palm oil strengthens

 

 

Indian soy and soy oil futures rose sharply on Tuesday, supported by gains in Malaysia's palm oil futures and high crude oil prices.

 

The Indian soy markets were also boosted by buying in soy oil and soy futures on the Chicago Board of Trade (CBOT).

 

Soy oil April futures rose 2.49 percent to INR688.55 (US$17) per 10 kilogramme at 10.20 am.

 

Malaysian palm oil May contract was up 5.3 percent at MYR3,859 (US$1,211 a tonne.

 

Soy April contract reached the initial upper circuit of 3 percent to touch INR2,237 (US$55.62) per 100 kg.

 

July rapeseed futures rose 2.61 percent to INR633 (US$15.74) per 20 kg after touching a high of INR634 (US$15.76).

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