RTRS: India soybean up on Malaysian palm, government steps
MUMBAI, Nov 24 (Reuters) - Indian soybean January futures rose for a sixth day in a row on Monday, tracking firm Malaysian palm oil and helped by government measures last week to support edible oil prices, analysts said.
The federal government last week imposed a 20 percent import duty on crude soyoil and also allowed limited exports of edible oils to support falling edible oil prices.
At 10:30 soybean January futures contract NSBF9 on National Commodity and Derivatives Exchange were up 0.54 percent at 1,690 rupees per 100 kg.
At 10:31 a.m., benchmark Palm oil February futures contract KPOc3 on the Bursa Malaysia Derivatives Exchange was up 1.03 percent at 1,475 ringgit a tonne.
Soybean is crushed to produce edible oil, which competes with palm oil because of which their prices often move in tandem. (Reporting by Abhishek Shanker; Editing by Ramya Venugopal)
