MARKET DEVELOPMENT
Indian Oilseed Futures Fall on Profit-taking; Soyoil Down
Indian Oilseed Futures Fall on Profit-taking; Soyoil Down
23/01/2014 (Reuters) - Indian oilseed futures fell on Wednesday due to profit-taking in the absence any triggers in spots as cold weather aided the growth of planted rapeseed crop.
* At 0855 GMT, the key March soybean contract was down 0.4 percent at 3,703 rupees per 100 kg on the National Commodity and Derivatives Exchange.
* The rapeseed contract for April was down 0.4 percent at 3,407 rupees per 100 kg.
* "A sideways movement is visible in the absence of any major fundamental triggers," said a Mumbai-based analyst.
* Soyoil futures traded down though in the first half of the day, they reflected the sentiment in rival palm oil.
* Malaysian palm oil futures rose to their highest level in more than two weeks due to a slump in local currency ringgit.
* By the midday break, the benchmark April contract on the Bursa Malaysia Derivatives Exchange had edged up 0.2 percent to 2,593 ringgit ($779) per tonne. Prices earlier hit 2,597 ringgit, the highest level since Jan. 6.
* The February soyoil March contract fell 0.2 percent to 669.5 rupees per 10 kg.
* Soybeans fell 12 rupees to 3,840 rupees per 100 kg at the Indore spot market in Madhya Pradesh state, while rapeseed fell 5 rupees to 3,684.45 rupees at Jaipur in Rajasthan. At Indore, soyoil rose 3 rupees to 698.25 rupees per 10 kg.
[$1 = 61.86 Indian rupees]
* At 0855 GMT, the key March soybean contract was down 0.4 percent at 3,703 rupees per 100 kg on the National Commodity and Derivatives Exchange.
* The rapeseed contract for April was down 0.4 percent at 3,407 rupees per 100 kg.
* "A sideways movement is visible in the absence of any major fundamental triggers," said a Mumbai-based analyst.
* Soyoil futures traded down though in the first half of the day, they reflected the sentiment in rival palm oil.
* Malaysian palm oil futures rose to their highest level in more than two weeks due to a slump in local currency ringgit.
* By the midday break, the benchmark April contract on the Bursa Malaysia Derivatives Exchange had edged up 0.2 percent to 2,593 ringgit ($779) per tonne. Prices earlier hit 2,597 ringgit, the highest level since Jan. 6.
* The February soyoil March contract fell 0.2 percent to 669.5 rupees per 10 kg.
* Soybeans fell 12 rupees to 3,840 rupees per 100 kg at the Indore spot market in Madhya Pradesh state, while rapeseed fell 5 rupees to 3,684.45 rupees at Jaipur in Rajasthan. At Indore, soyoil rose 3 rupees to 698.25 rupees per 10 kg.
[$1 = 61.86 Indian rupees]