Indian soyoil up on Malaysian palm, spot demand

MUMBAI, Feb 25 (Reuters) - Indian soyoil futures rose on Wednesday, lifted by good physical buying ahead of some festivals next month and gains in Malaysian palm oil.

At 3:13 p.m. (0943 GMT), the March futures NSOH9 contract was up 1.51 percent at 451.10 rupees ($9) per 10 kg on the National Commodity and Derivatives Exchange. The April contract NSOJ9 was up 1.55 percent at 443.05 rupees.

Prices in the spot market in the central city of Indore, a hub for soyoil trade, rose 0.91 percent to 44,500 rupees per tonne.

Demand in the spot market has picked up as buyers anticipate a spike in prices ahead of some religious festivals in the second week of March, a trader in Indore said.

Firm prices of Malaysian palm oil and U.S. soyoil also supported Indian markets.

Benchmark May palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange were up 1.2 percent at 1,894 ringgit a tonne at 0955 GMT.

Chicago Board of Trade July soyoil futures BON9 rose 0.83 percent to 31.40 cents per pound during the electronic trade on Wednesday. ($1=49.9 rupees) (Reporting by Abhishek Shanker; Editing by John Mair)