Indian oilseeds, soyaoil rise on hopes of import duty hike

Indian oilseeds and soyaoil futures gained on Tuesday on expectations that the government would raise the import duty on crude and refined edible oils to curb rising overseas purchases. The key October soyabean futures contract on the National Commodity and Derivatives Exchange ended 1.44 percent higher at 3,242 rupees per 100 kg, while the October rapeseed contract edged up 0.35 percent to 4,303 rupees per 100 kg.
India's vegetable oil imports in August jumped 3 percent from a year earlier to 1.37 million tonnes, a Mumbai-based trade body said on Tuesday. At 1235 GMT, the key October soyaoil contract rose 1.63 percent to 575.15 rupees per 10 kg.
SUGAR Indian October sugar futures gained 0.45 percent to 2,430 rupees per 100 kg, even though the sweetener was amply available in the market.