India soyoil up tracking firm Malaysian palm, spot

MUMBAI, Sept 8 (Reuters) - Indian soyoil futures ended sharply up on Tuesday tracking a firm Malaysian palm, and on short-covering triggered by spot buying in edible oils after falls early this month, analysts said.

Soybean prices also ended up, but rains in the growing regions weighed, they added.

"The spot market saw good buying after a long time...with festivals nearing, we can expect buoyant trend to continue this week," said a trader in Indore, a hub for edible oil trade.

Soyoil prices in the spot market in Indore rose 2.48 percent to 41,300 rupees per tonne following a spike in demand ahead of festivals later this month, traders said.

However, soybean prices fell 1.05 percent to 18,800 rupees per tonne after recent rains boosted crop prospects.

The benchmark November palm oil futures KPOc3 on Bursa Malaysia Derivatives Exchange ended at 2,210 ringgit a tonne, up 3.76 percent.

Palm oil and soybean are related commodities and their prices often move in tandem.