Indian soyoil futures rise on firm Malaysia, spot

MUMBAI, Dec 17 (Reuters) - Indian soyoil futures rose on Wednesday, taking their cues from a firm Malaysian palm oil market, higher spot prices and gains for crude oil.

At 2:45 p.m. (0915 GMT), January futures NSOF9 on the National Commodity and Derivatives Exchange were up 1.39 percent at 459.50 rupees ($9.7) per 10 kg. The February contract NSOG9 was trading up 0.73 percent at 448.65 rupees.

Malaysian palm oil futures KPOc3 on the Bursa Malaysia Derivatives Exchange were up 1.49 percent to 1,568 ringgit per tonne, rising on short-covering after losing nearly 7 percent in the previous three days.

Soyoil traders often watch Malaysian palm oil as the two commodities compete in many markets and as a result prices of the oils move in tandem.

Expectations of a cut in crude oil supplies by OPEC pushed up prices and boosted sentiment for vegetable oils, which are used to make biofuels, said Suresh Mantri, an analyst with Ventura Commodities Pvt Ltd.

Spot prices in Indore, a hub for the soyoil trade in the central state of Madhya Pradesh, rose 0.95 percent to 42,500 rupees per tonne.

($1=47.37 rupees)