India soybean seen up on hopes of duty on palm oil

MUMBAI, Dec 11 (Reuters) - India soybean and soyoil futures, which hit upper circuit in the previous session, may extend gains on Thursday tracking a firm overseas market and hopes of a re-imposition of import duty on crude palm oil, analysts said.

India, the world's biggest vegetable oil importer after China, could tax crude palm oil shipments within a month, top industry analyst Dorab Mistry said last week.

Palm oil and soyoil prices usually move in tandem as they are substitutes.

At 9:21 a.m., the February palm oil futures contract KPOc3 on the Bursa Malaysia Derivatives Exchange was up 1.57 percent at 1,620 ringgit per tonne.

Soybean January futures contract SF9 on the Chicago Board of Trade (CBOT), was up 0.09 percent at $8.30 a bushel in electronic trade.

January soybean NSBF9 on the National Commodity and Derivatives Exchange closed up 3.55 percent at 1,737 rupees per 100 kg in the previous session on Monday. Soyoil for January delivery NSOF9 ended at 473.65 rupees per 10 kg, up 3.97 percent.

Lower arrivals in the physical market may also support the upside.