Indian soyoil futures rise

NEW DELHI, Dec 30 (Reuters): Indian soyoil futures rose on Tuesday in line with benchmark palm oil prices in Malaysia, with India's decision to raise the import tax on both crude and refined vegetable oils also weighing on prices. Soybean and rapeseed prices dropped on profit-booking.

India has raised the import tax on crude edible oils and refined oils by 5 per centage points each to protect local farmers from rising imports.

At 1252 GMT, the key January soyoil contract was up 0.29 per cent at 646 rupees per 10 kg on the National Commodity and Derivatives Exchange.

Malaysian palm oil rose for a ninth consecutive session on Tuesday to trade around its highest in almost two months as floods inundated plantations, threatening to reduce output in the world's second largest producer.

The January soybean contract fell 0.90 per cent to 3,407 rupees per 100 kg.

The key January rapeseed contract ended down 1.35 per cent at 4,299 rupees per 100 kg.

Indian sugar futures rose on expectations the government would give incentives for raw sugar exports.