MUMBAI, March 20 (Reuters) - Indian soyoil futures extended losses on Friday afternoon as spot demand fell after government decided to cut import duty on soyoil, but gains in Malaysian palm oil and rise in U.S. soyoil futures limited the losses.
By 1:54 p.m. (0824 GMT), the April contract NSOJ9 was down 0.26 percent at 439.2 rupees ($8.8) per 10 kg on the National Commodity and Derivatives Exchange. The futures had fallen more than 3 percent in the previous session.
The May contract NSBK9 was down 0.24 percent 2,288 rupees.
The March contract NSOH9, which expires on Friday, was up 0.47 percent at 446 rupees.
Brokerage Karvy Comtrade Ltd said in a report it expected soyoil futures to fall further.
India had cut import duty on soyoil to keep domestic prices stable, a top government official said on Thursday, a move that traders said may push up imports.
However, firm overseas markets limited the losses.
The benchmark June palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange was up 2.88 percent at 1,966 ringgit a tonne at 0826 GMT.
The July soyoil futures BON9 on Chicago Board of Trade (CBOT) was up 1.52 percent at 32.65 cents per pound during electronic trade on Friday. ($1=50.1 rupees)
Source : REUTERS INDIA