RTRS:India oilseeds, soyoil ease on strong rupee, global cues
Nov 19 (Reuters) - Indian oilseeds and soyoil futures eased on Tuesday, tracking a drop in overseas edible oil prices and a strong rupee, though robust demand in local spot markets limited the downside.
* Malaysian palm oil futures edged down in tight trade on Tuesday as investors chose to avoid risky bets ahead of industry reports on export demand at the world's second-largest producer.
* "At the lower level, stockists are making soybean purchases along with oil mills. They are very much comfortable with the current level," said Faiyaz Hudani, associate vice president, research at Kotak Commodity Services Ltd.
"Farmers are price sensitive. If prices go down, they will reduce supplies in the market."
* At 0748 GMT, the key December soyoil contract on the National Commodity and Derivatives Exchange was down 0.47 percent at 713.50 rupees ($11.49) per 10 kg.
* A strong rupee makes edible oil imports cheaper, but trims the returns of oilmeal exporters. The Indian rupee rose on Tuesday.
* The key December soybean contract eased 0.34 percent to 3,794.50 rupees per 100 kg, while the rapeseed contract for December was down 0.37 percent at 3,779 rupees per 100 kg.
* Indian soymeal exports rose to 182,724 tonnes in October from 49,840 tonnes a year earlier.
* At the Indore spot market in Madhya Pradesh, soybeans rose 22 rupees to 3,826 rupees per 100 kg, while soyoil rose 1.15 rupees to 706.50 rupees per 10 kg. At Jaipur in Rajasthan, rapeseed edged up 3 rupees at 3,833 rupees. ($1 = 62.1 Indian rupees) (Reporting by Rajendra Jadhav; Editing by Anupama Dwivedi)