India soy futures may move up due to the government's decision to impose a 20 percent customs duty on imports of crude soy oil, said analysts.

Soy is crushed to produce soymeal and soy oil.

India's benchmark soy December futures contract NSBZ8 ended at Rs 1,552.5 per 100 kg, up 1.4 percent.

The futures market regulator chief said on Monday (November 17, 2008) that a ban on soy oil futures trading may be removed at the end of the month on slowing inflation. The statement, as well as firm palm oil markets in Malaysia may support prices.