India oilseeds, soyoil rise on global cues, weak rupee

MUMBAI: Indian oilseeds and soyoil futures edged higher on Tuesday on lower level buying, supported by gains in overseas markets and a weak rupee.

A weak rupee makes edible oil imports costlier and at the same time raises returns of oilmeal exporters.

India meets more than half of its edible oil requirement through imports, which largely constitute palm oil.

As of 0835 GMT, US soybeans rose 0.05 percent to $14.32-1/4 per bushel.

"At lower level traders are buying. The recovery in overseas markets is also supporting sentiments," said Subhranil Dey, an analyst with SMC Comtrade.

The actively traded soyoil contract for March delivery on the National Commodity and Derivatives Exchange was 0.60 percent higher at 698.5 rupees per 10 kg.

The most-active soybean contract for March delivery was up 0.76 percent at 3,191.5 rupees per 100 kg, while the rapeseed contract for April rose 0.71 percent to 3,412 rupees per 100 kg.

At the Indore spot market in Madhya Pradesh, soyoil fell by 0.15 rupee to 730.90 rupees per 10 kg, while soybeans eased 8 rupees to 3,319 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed rose by 10 rupees to 3,800 rupees.