| Date: |
14-05-2010 |
| Subject: |
India oilseeds, soyoil seen weak on tepid demand |
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MUMBAI: Indian oilseeds and soyoil futures are likely to open lower on Friday tracking weakness in overseas markets and as demand remained sluggish in the domestic spot markets, analysts said.
Malaysia palm oil futures were trading 0.20 percent lower at 9.21 a.m. Rapeseed harvest in India, the world's top edible oils buyer, is likely to be 6.59 million tonnes, down from the estimated 7.43 million in February and the actual production of 7.2 million tonnes last year, official data showed.
June rapeseed contract on the National Commodity and Derivatives Exchange ended 0.07 percent up at 504.55 rupees per 20 kg.
The June soybean contract finished 0.46 percent up at 1,971.5 rupees per 100 kg, while the June soyoil contract fell 0.17 percent to 448.85 rupees per 10 kg in the previous session.
India's April oilmeal exports slumped 14.35 percent from a year earlier, falling for the sixth straight month, on low domestic crushing and as a strengthening rupee weakened demand from Vietnam and China, a trade body said.
Source : The Economic Times
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