23/04/2008 (Reuters, India), Mumbai - Indian soyoil June futures are seen rising on Wednesday as high crude oil prices raised hopes of fresh demand from the biofuel sector, analysts said.
The prices will find support from a firm world soyoil and palm oil markets. Palm oil and soyoil are related commodities and their prices often move in tandem.
Soyoil June futures NSOM8 on the National Commodity and Derivatives Exchange (NCDEX) ended up 1.70 percent at 558.80 rupees per 10 kg, on Tuesday.
At 9:11 a.m., the July soyoil futures BON8 on Chicago Board of Trade was trading up 0.11 percent at 61.77 cents per pound.
At 9:12 a.m. the palm oil July futures KPON8 on the Bursa Malaysia Derivatives Exchange rose was up 2.56 percent at 3,528 ringgit.
The U.S. crude oil CLc1 was trading up 0.12 percent at $118.19 a barrel.
Soybean futures are likely to open up on a firm crude oil prices and and on rising overseas markets. Rapeseed futures are seen up tracking a firm soy-complex and on lower production estimates, analysts said.
July rapeseed NRSN8 on NCDEX ended up 3.39 percent to 530.20 rupees per 20 kg, while the soybean June futures NSBM8 ended up 1.39 percent at 2,155.50 rupees per 100 kg, on Tuesday.
At 9:17 a.m. the soybean July futures SN8 on the Chicago Board of Trade rose 0.47 percent to $13.96 a bushel.