(Updates to close)
MUMBAI, Dec 28 (Reuters) - Indian soyoil futures hit fresh
intraday contract highs for a second consecutive session tracking
strong Malaysian palm and after a ban on imports of palm oils was
extended to all ports in southern Kerala state.
The January contract <NSOF8> on the National Commodity and
Derivatives Exchange hit a fresh intraday contract high of 559.2
rupees per 10 kg, while February <NSOG8> touched a new intraday
contract high of 566.5 rupees.
Malaysian March palm contract <KPOH8> on the Bursa Malaysia
Derivatives Exchange was up 1 percent at 3,125 ringgit a tonne,
as strengthening crude oil and firm demand boosted prices. See
[ID:nKLR267622].
Palm and soy oils are related commodities and their prices
often move in tandem.
"The (Kerala) ban will surely impact prices of the imported
crude palm oil in the short term ... prices will rise," an
analyst with a Mumbai-based brokerage said.
The federal trade ministry, which in October stopped palm oil
imports at the state's Kochi port -- where 70,000 tonnes to
80,000 tonnes arrive annually -- extended the ban to all ports in
the state, according to a Dec. 24 statement.
The ban was imposed after lobbying by producers of rival
coconut oil, prices of which have fallen over the past two years.
Indian is a major edible oil importer, and its overseas
purchases for the fiscal year ended October rose 6.7 percent to
4.71 million tonnes. The country imported 2.99 million tonnes of
crude palm oil up from 2.37 million tonnes the previous year.
Following were the closing prices of soyoil futures <0#NSO:>
per 10 kg and soybean futures <0#NSB:> per 100 kg on National
Commodity and Derivatives Exchange:
Contract Reuters code Closing price Change in %
=====================================================
Soyoil
Jan <NSOF8> 558.60 1.23
Feb <NSOG8> 566.05 0.91
Soybean
Jan <NSBF8> 2,044.50 2.40
Feb <NSBG8> 2,074.50 2.04
(Reporting by Sourav Mishra, Editing by Mark Williams & Prem
Udayabhanu)
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Keywords: INDIA SOYOIL FUTURES/