Indian soyoil drops on lower spot, Malaysian palm

MUMBAI, Feb 16 (Reuters) - Indian soyoil futures fell on Monday afternoon on sluggish spot demand and weakness in Malaysian palm oil.

By 3:04 p.m. (0934 GMT), the March futures NSOH9 contract was down 0.88 percent at 446.75 rupees ($9.2) per 10 kg on the National Commodity and Derivatives Exchange.

The February contract NSOG9, which expires on Feb. 20, fell 0.34 percent to 460 rupees.

Spot prices of refined soyoil at Nagpur in the western state of Maharashtra, the country's second-largest producer, fell 0.7 percent to 445 rupees.

"Imports of large quantity of edible oils in January is likely to pressurise the market," brokerage Karvy Comtrade Ltd said in a report.

Data released by the Solvent Extractors' Association, a leading trade body, edible oil imports in January more than doubled to 856,690 tonnes from 457,601 tonnes last year.

Weak Malaysian palm oil also weighed on the market.

The palm oil May contract KPOc3 on the Bursa Malaysia Derivatives Exchange was down 1.71 percent at 1,960 ringgit a tonne at 0934 GMT. ($1=48.8 rupees) (Reporting by Abhishek Shanker)