Indian soyaoil futures were mixed on Thursday, buoyed by an Indonesian government move to maintain an increased export tax on crude palm oil but weighed by some overnight losses in Chicago Board of Trade soyaoil futures.
Indonesia was likely to maintain an export tax on palm oil at 6.5 percent for the next two to three months, a government official said on Wednesday. The tax was raised from 1.5 percent earlier this month.
Soyaoil and palm oil compete for similar markets, and as a result prices of the two edible oils often move in similar directions. At 3:45 pm (1015 GMT), the July contract on the National Commodities and Derivatives Exchange (NCDEX) was up 0.35 percent at 489.55 rupees per 10 kg.
The August contract dropped 0.4 percent to 493.70 rupees. "For the July contract I will suggest buy at 486 rupees. The contract will face resistance at 495 rupees and support at 485 rupees," said Amol Tilak, analyst at Kotak Commodity Services Ltd.
In Malaysia, the benchmark September palm oil contract at Bursa Malaysia Derivatives Exchange rose 2 percent to 2,383 ringgit ($687.3) a tonne on Thursday.
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