Indian soyabean futures rise to one-week high

January 16, 2013

Indian soyaoil and soyabean
Indian soyaoil and soyabean

Indian soyabean futures extended gains for the third day on Tuesday to hit the highest level in more than a week, tailing global leads and limited supplies back home. Soyaoil reached its one-month crest. The most-active soyabean for February delivery on the National Commodity and Derivatives Exchange (NCDEX) rose more than 2 percent to 3,255 rupees per 100 kg, a level last seen on January 4. It was 1.85 percent higher at 3,225 rupees at 0746 GMT.

“Positive clues from US soyabean and palm oil prices are reflecting gains in Indian markets. Limited supplies in the spot market due to cold weather conditions are also helping sentiment,” said Ambkia T.B., an analyst with Karvy Comtrade in Hyderabad. Buying is advised in soyabeans at 3,200 rupees, for a target of 3,260/3,300 rupees, with a stop loss of 3,150 rupees, said Ambika.

The actively traded soyaoil contract for February delivery on the NCDEX was 0.83 percent higher at 712.00 rupees per 10 kg, after hitting a high of 714.50 rupees, a level last seen on December 6. Rapeseed contract for April was 0.55 percent higher at 3,476 rupees per 100 kg, recovering from a contract low of 3,433 rupees hit in the previous session. At the Indore spot market in Madhya Pradesh, soyaoil was 4.50 rupees higher at 743.45 rupees per 10 kg, while soyabeans were 38 rupees higher at 3,248 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed was 10 rupees down at 4,200 rupees.

Courtesy: Reuters

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