MUMBAI, Feb 2 (Reuters) - Indian soyoil futures and spot prices fell on Monday after state-run trading firms launched new import tenders for edible oils amid sluggish local demand.
Weakness in soyoil markets on the Chicago Board of Trade (CBOT) also weighed.
At 2:53 p.m. (0923 GMT) the February contract NSOG9 on India's National Commodity and Derivatives Exchange was down 1.28 percent at 447.70 rupees ($9.14) per 10 kg, while March futures NSOH9 had fallen 0.91 percent to 439 rupees.
Prices in the spot market in the central city of Indore, a hub for soyoil trade in India, slipped 1.95 percent to 40,300 rupees per tonne.
"The local demand is sluggish, and the government companies are floating fresh import tenders, putting pressure on the prices," Veeresh Hiremath, an analyst in Karvy Comtrade Ltd, said.
"There may be a further fall in the coming days," he said.
Last week state-run firms MMTC Ltd (MMTC.BO: Quote, Profile, Research), STC Ltd and PEC Ltd issued tenders to import 42,000 tonnes of edible oil. The firms are also selling edible oils, which they had imported late last year, in an attempt to improve local supplies.
India imports more than 40 percent of its annual edible oils requirement including palm oil from Malaysia and Indonesia and soyoil from Argentina and Brazil.
REUTERS INDIA