Indian oilseeds, soyoil futures fall tracking Malaysian palm oil

NEW DELHI, Oct 12 (Reuters): Indian oilseeds and soyoil futures dropped on Friday, in line with the benchmark palm oil contract in Kuala Lumpur where prices fell to a one-week low.

Higher imports of vegetable oils by India also put downward pressure on prices.

India's overseas purchases of edible oil in the year starting November are set to surge to a record 13 million tonnes, an executive at key importer Ruchi Soya said, as lower prices, a rising population and higher incomes boost consumption.

Malaysian palm oil futures slipped to a one-week low on Friday, shaving off some gains made earlier this week as tumbling crude prices and disappointing export data stoked fears of weaker appetite for palm.

Palm typically tracks soy markets as they are both food and fuel substitutes.

The key October soybean contract on the National Commodity & Derivatives Exchange closed 0.70 per cent lower at 2,983 rupees per 100 kg.