Indian soyoil, soybean, rapeseed futures up after palm oil soars

FE Team | Published: February 06, 2015 00:00:00 | Updated: November 30, 2026 06:01:00

NEW DELHI, Feb 5 (Reuters): Indian soyoil, soybean and rapeseed futures rose on Thursday after the benchmark palm oil contract in Malaysia posted its biggest single-day gain since October 2010.
Malaysian palm oil climbed more than 5 per cent on Thursday, its biggest single-day gain since October 2010, as the market was buoyed by hopes a plan by the world's top producer Indonesia to increase biodiesel subsidies would make blending profitable and as technicals provided support.
The February soybean contract closed 0.49 per cent higher at 3,468 rupees per 100 kg on the National Commodity and Derivatives Exchange (NCDEX), while the April rapeseed contract rose 0.79 per cent to 3,335 rupees per 100 kg.
At 1200 GMT, the key February soyoil contract was 0.71 per cent up at 628 rupees per 10 kg. Sugar futures gained on expectations that the government may announce incentives for exports of the raw variety.
The key March contract rose 0.11 per cent to 2,678 rupees per 100 kg.
India is likely to produce 26 million tonnes of sugar in the current season ending Sept. 30, as much as 4 per cent more than an earlier estimate, the head of an industry body said on Friday.
India's raw sugar exports could halve this year as mills wait for the government to give the go-ahead for an increased production subsidy, traders said, potentially supporting depressed global prices.
Guar seed futures ended weak as traders booked profit after recent gains, though concerns over lower output and thin spot supplies could support buying on Friday.
The February contract closed 1.64 per cent lower at 4,069 rupees per 100 kg.
Chana, or chickpea, futures fell on sluggish local demand though lower area under cultivation could support prices in the next trading session.
The February contract closed 0.32 per cent lower at 3,437 rupees per 100 kg.
Indian jeera, or cumin seed, futures fell on subdued local demand amid higher-than-expected supplies.
The key February jeera contract fell 1.77 per cent to 14,150 rupees per 100 kg.