(Reuters) – Indian oilseeds and soyoil futures rose on Tuesday due to lack of supplies after the peak arrival season, while rapeseed gained to its highest in more than a week.
At 0846 GMT, the key February soybean contract was up 0.79 percent at 3,777.50 rupees per 100 kg on the National Commodity and Derivatives Exchange.
The February soyoil contract rose 0.63 percent to 681.85 rupees per 10 kg, while the rapeseed contract for April was up 0.32 percent at 3,430 rupees per 100 kg after hitting a high of 3,437 rupees, a level last seen on Jan. 10.
“There is buying after the peak arrival season ended,” said Chowda Reddy, a senior analyst with Inditrade Derivatives and Commodities.
Soybeans are normally harvested in November and December.
Buying is advised in soybeans at 3,770 rupees, for a target of 3,800 rupees, with a stop loss at 3,750 rupees, said Reddy.
Soybeans rose 12 rupees to 3,848 rupees per 100 kg at the Indore spot market in Madhya Pradesh state, while soyoil rose 2.35 rupees to 693 rupees per 10 kg. Rapeseed fell 41.55 rupees to 3,582.40 rupees at Jaipur in Rajasthan.
