MUMBAI, Oct 20 (Reuters) - India soybean futures closed lower on Tuesday weighed by arrivals in the domestic spot market and lower overseas markets, analysts said.
The most-traded soybean Indore November contract NSBX9 closed 1.3 percent lower at 2,064 rupees per 100 kg, after hitting an intra-day low of 2,053 rupees.
"Arrivals have started and is putting pressure on prices," said Veeresh Hiremath, an analyst with Karvy Comtrade in Hyderabad.
"Market is anticipating prices to be pressured further on likely rise in arrivals in coming weeks," said Hiremath. Prices are expected to trade in the range of 2,040-2,080 rupees.
Malaysian crude palm oil futures, which guides the domestic market, edged down 0.8 percent, reversing early gains, amid renewed concerns over demand after cargo surveyors announced weak exports in the first 20 days of the month, traders said.
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