Indian soyoil, crude palm oil jump 4 percent on import duty hike

Indian soyoil and crude palm oil futures jumped by the daily maximum limit of 4 percent on Monday after the government raised import tax on edible oils, traders said.

Indiahas raisedimport tax on edible oil to the highest level in more thana decade,thegovernmentsaid in an order, as the world's biggest importer of edible oils aims to supportitsfarmers.

Soyoil futures were up 4 percent at 726.35 rupees ($11.16) per 10 kg at 0504 GMT, while crude palm oil futures were trading at 576.50 rupees per 10 kg, also up 4 percent.

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Soybean futures jumped nearly 3 percent in early trade on Monday, while rapeseed futures were up 2 percent.

($1 = 65.0925 Indian rupees)