India soybean adds gains on export, Malaysia palm

MUMBAI, Oct 30 (Reuters) - India soybean futures extended gains on Friday, supported by hopes of domestic and export demand for soymeal and a firm Malaysian palm, analysts said.

Soybean is crushed to produce soymeal and soyoil.

Malaysian crude palm oil futures inched up 0.9 percent on Friday, recovering some earlier losses, although slightly weaker markets and prospects of high stocks curbed gains. See [ID:nKLR442185]

However, rising arrivals in the domestic spot market kept the upside limited, they added.

"There is a likelihood of a price correction in the near-term and that such high level is not sustainable," Kotak Commodity Services Ltd said in a broker note.

Traders said arrivals have crosses 1.2 million bags of 100 kg each across India.

The most-traded November contract NSBX9 on the National Commodity and Derivatives Exchange ended 0.94 percent higher at 2,209 rupees per 100 kg, after gaining 1.32 percent in the previous session.