MUMBAI, July 30 (Reuters) - Indian soybean futures recovered from new lows and ended up on Thursday as expectations government may re-impose edible oil import duty in September triggered short-covering and fresh buying, analysts said.
Soyoil futures also ended up on duty expectations.
The recovery in soybean and soyoil was helped by a firm Malaysian palm and on report India has signed its first new-crop soymeal export deals, but gains were limited tracking large-scale sowing in July, raising expectations of better supplies.
September soybean contract NSBU9 on the National Commodity and Derivatives Exchange recovered after falling to a new low of 2,151 rupees per 100 kg. The contract has fallen 6.5 percent in last five sessions.
"Edible oils prices have come down in last two-three months and we have good inventory. Chances are government will re-impose duty on edible oil imports," Badruddin Khan, senior research analyst, Angel Commodities Broking Pvt Ltd, said.
Last year, government had scrapped duty on edible oil imports in an effort to lower prices and raise supplies.
The benchmark October palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange ended at 2,145 ringgit a tonne, up 1.51 percent.
However, large-scale sowing and weak spot weighed on the markets.
Soybean spot prices in central city of Indore was down 1.7 percent at 20,600 rupees per tonne, while soyoil prices fell 0.71 percent at 42,000 rupees per 10 kg.
Source : REUTERS