Indian soyoil futures up on Malaysian palm, spot

MUMBAI, Feb 4 (Reuters) - Indian soyoil futures rose on Wednesday tracking firm Malaysian palm oil while recent price falls in the spot market spurred bargain buying.

By 2:28 p.m. (0858 GMT), the February contract NSOG9 on the National Commodity and Derivatives Exchange was up 1.64 percent at 454.70 rupees ($9.3) per 10 kg.

March futures NSOH9 had risen 0.98 percent to 447 rupees after falling nearly 7 percent in a week.

Spot prices in the western state of Maharashtra, the country's second largest producer, rose 1.4 percent to 446 rupees per 10 kg as demand surged at lower prices.

"There is some fresh demand in the spot market after prices fell in last one week," a soyoil and soymeal trader in Maharashtra said.

Malaysian crude palm oil futures gained on Wednesday, boosted by global crude and equities markets as more investors bet on a sharp decline in inventories last month. [ID:nKLR76167]

The benchmark palm oil April contract KPOc3 on the Bursa Malaysia Derivatives Exchange was up 2.35 percent at 1,830 ringgit a tonne at 0901 GMT.

However, moves by state-owned firms to import edible oils weighed. MMTC Ltd (MMTC.BO: Quote, Profile, Research), STC Ltd and PEC Ltd have recently issued tenders to import 48,000 tonnes of edible oil. ($1=48.7 rupees) (Reporting by Abhishek Shanker, Editing by Mark Williams)