Indian soyabean edged up on Thursday but gains were slight as higher imports of vegetable oil and weak meal exports pressured prices. The March soyabean contract on the National Commodity & Derivatives Exchange snapped a five-session losing streak to end up 0.11 percent at 3,689 rupees ($54) per 100 kg. The key April rapeseed contract closed 0.15 percent higher at 3,934 rupees per 100 kg.
Traders said millers and stockists were holding off on bigger purchases of rapeseed, awaiting the removal, expected soon, of a ceiling on stocks that can be held. March soyaoil futures were 0.41 percent higher at 617.60 rupees per 10 kg at 1340 GMT, tracking gains in Malaysian palm oil futures.
Malaysian palm oil futures reversed track to rise for the first time in almost a week on market short covering and expectations of lower inventories at the end of February.
SUGAR The most active March sugar contract was trading 0.57 percent higher at 3,182 rupees per 100 kg. Indian sugar futures have gained 2.6 percent as of Wednesday's close on expectations of lower availability of the sweetener after key producing Maharashtra state reportedly asked its millers to meet export targets.
Comments
Comments are closed for this article.