Indian soyoil down as crude triggers profit-taking

MUMBAI, Jan 8 (Reuters) - Indian soyoil futures fell on Thursday as traders booked profits from a recent run up after cheaper crude oil triggered losses in U.S. soyoil and Malaysian palm oil futures.

Lower spot soyoil prices also weighed.

At 3:00 p.m. (0930 GMT), the January futures contract NSOF9 on India's National Commodity and Derivatives Exchange was down 0.59 percent at 491.25 rupees ($10.1) per 10 kg.

February futures NSOG9 had fallen 0.66 percent to 478.50 rupees, after piling on more than 8 percent in last week.

"Soyoil futures are forecast to trade on a weaker note on account of long liquidation supported by weak overseas market," brokerage Karvy Comtrade Ltd, said in a report.

Spot prices of crude soyoil in the central city of Indore, a hub for the soyoil trade, fell 0.45 percent to 44,700 rupees per tonne.

A sharp overnight fall in crude oil CLc1 prices weighed on global markets, analysts said.

Soyoil is used as biofuel and a fall in crude oil prices lowers demand for alternative fuels.

At 3:01 p.m. March futures KPOH9 on the Bursa Malaysia Derivatives Exchange were down 4.58 percent at 1,894 ringgit a tonne.

U.S. soyoil March futures BOH9 were down 1.69 percent at 35.57 cents per pound during the electronic trade on Thursday.

India, which imports a large part of its edible oil requirement, tracks international prices.

Soyoil and palm oil are related commodity and their prices often move in tandem. ($1=48.7 rupees) (Reporting by Abhishek Shanker, Editing by Mark Williams)