Sep 1 2009 11:12AM
MUMBAI, Sept 1 (Reuters) - Indian October soybean futures opened down but turned positive in early trade on Tuesday on short-covering triggered by expectation of a second round of festival demand after spot prices fell, analysts said.
The soybean futures have lost more than 6 percent in last eight sessions. Soyoil futures also edged up but weak Malaysian palm weighed, they added.
At 10:51 a.m., the October soybean contract on the National Commodity and Derivatives Exchange edged up 0.19 percent to 2,145 rupees per 100 kg, while October soyoil futures also rose 0.23 percent to 459.5 rupees per 10 kg.
Traders are expecting a spurt in spot demand for edible oils, including soyoil, on festive buying after prices fell last week.
However, rains in the growing states of Madhya Pradesh, Maharashtra, Andhra Pradesh and Gujarat weighed on the prices
No comments:
Post a Comment