India oilseed futures fall on weak palm oil
Wed May 28, 2008
MUMBAI, May 28 (Reuters) - Indian oilseed futures eased on Wednesday tracking weak palm oil futures in Malaysia, and on profit-taking, analysts said.
Rapeseed and soybean are crushed to obtain edible oils like rapeseed oil and soyoil, which competes with palm oil.
Palm oil August futures KPOQ8 on Bursa Malaysia Derivatives Exchange fell 3.83 percent to 3,587 ringgit due to weak crude oil.
Arrivals in Rajasthan were at 60,000-80,000 bags of about 85 kg, almost the same as on the previous day.
Rapeseed is the main winter-sown oilseed crop, and the arrival of the crop has now started to wind down.
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