Indian soyoil futures consolidate

Indian soyoil futures eased more than 0.3 percent on Monday, as the market consolidated after rising nearly 2 percent last week, but traders said the undercurrent remained bullish. At 2:15 pm (0845 GMT), the July contract on the National Commodity and Derivatives Exchange (NCDEX) was down 0.44 percent at 495 rupees ($12.2) per 10 kg.
The August contract dropped 0.31 percent to 502.10 rupees. "The market is now in the consolidation phase. However, strong fundamentals should see August contract touch 510 rupees later in the week," Harish Gallipali, research head, Karvy Comtrade Ltd, said.