Indian soyaoil far-month contracts were almost flat on Monday as low demand in the physical market was off-set by firm Malaysian palm oil, analysts said. Near-month futures rose as traders covered short positions ahead of the contract expiry on November 20.
By 4:00 pm (1030 GMT), the December contract on the National Commodity and Derivatives Exchange had edged up 0.08 percent to 526.22 rupees ($13.4) per 10 kg. Meanwhile, January futures had eased slightly by 0.06 percent to 530.45 rupees. The November contract was up 0.36 percent at 520.50 rupees.
Prices in the western state of Maharashtra, India's second biggest soyaoil producer, fell 0.58 percent to 518 rupees per 10 kg due to slack demand on hopes prices will fall on better supplies, traders said.
"Despite a good rise in Malaysian palm oil, poor physical demand has kept traders from taking long positions," an analyst with a Mumbai-based brokerage said. Palm oil February contract on the Bursa Malaysia Derivatives Exchange was up 1.58 percent at 2,950 ringgit ($875.4) due to a rise in crude oil prices. Meanwhile, State Trading Corp of India Ltd has issued a tender to import 15,000 tonnes of palm oils by December, the state-run company said on Monday.