MUMBAI, Oct 6 (Reuters) - Indian soybean futures pared early losses on Tuesday afternoon, tracking a rise in oilmeal exports in Septmeber and recovery in Malaysian palm, but weakness in spot demand weighed, analysts and traders said.
At 2:48 p.m., the November soybean contract NSBX9 on the National Commodity and Derivatives Exchange was down 0.45 percent to 1,999 rupees per 100 kg. The November soyoil futures NSOX9 eased 0.1 percent to 428.35 rupees per 10 kg.
India's oilmeal exports rose 19 percent in September from the same month a year ago to 231,197 tonnes as demand improved in traditional Asian markets.
Soymeal, an oilmeal, is derived from crushing of soybean.
An expected delay in arrivals due to heavy rains in growing regions also limited the losses, analysts said.
Arrivals are likely to be delayed as heavy rains in Maharashtra, the second-biggest producer, may hinder efforts to harvest the crop and transport it to the main markets.
The benchmark December palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was at 2,045 ringgit a tonne, up 0.15 percent at 2:53 p.m.
Palm oil and soybean are related commodities and their prices often move in tandem.
Source : REUTERS