India soybean, rapesed rise on Malaysian palm, CBOT

MUMBAI, April 9 (Reuters) - Indian far-month soybean futures NSBc2 rose to a 9-month high on Thursday tailing overnight gains on Chicago Board of Trade (CBOT) and sharp gains in Malaysian palm, analysts said.

Rapeseed futures were also up, tracking gains in soybean and demand from traders and millers, who are now buying heavily in anticipation of a price rise, following mounting concerns of a global squeeze in supplies.

At 2:08 p.m., May soybean NSBK9 on the National Commodity and Derivatives Exchange was up 1.95 percent at 2,593 rupees per 100 kg, after hitting a new high at 2,600 rupees, earlier in the day.

Rapeseed June futures NRSM9 rose 1.26 percent to 495.05 rupees per 20 kg. The contract had earlier touched a new high at 496 rupees.

Malaysian crude palm oil futures rose sharply to hit a new 6-month high on Thursday, as investors bet on a sharp drop in stocks amid strength in crude and soyoil markets, traders said.

The benchmark June contract KPOc3 on the Bursa Malaysia Derivatives Exchange rose 4.16 percent to 2,255 ringgit per tonne at 0842 GMT.

"The market seems to be buying on rumour of lower stocks and will sell on fact when the Malaysian palm oil board data comes out," said a trader with a local commodities brokerage. See[ID:nKLR471785]

July soybean futures SN9 on CBOT extended its overnight gains and was up 1.35 percent at $10.15 a bushel during electronic trade on Thursday.

However, the upside in domestic market may be limited on profit-taking after overall gains in April, analysts said. (Reporting by Abhishek Shanker; editing by Sunil Nair)