MUMBAI, Oct 3 (Reuters) - Indian soyoil futures plunged 4 percent on Wednesday to hit their lowest in nearly a year, following a sharp fall in palm oil on Tuesday and as demand was weak in local spot markets.
The November soyoil contract NSOc2 on India's National Commodity and Derivatives Exchange was down 3.9 percent at 602.5 rupees ($11.45) per 10 kg by 0454 GMT, after falling to 601.9 rupees earlier, the lowest for the second-month contract since Oct. 14, 2011.
Malaysian palm oil futures suffered a steep 8.7 percent drop on Tuesday, sending prices to 2,250 ringgit per tonne, a level unseen since November 2009. (Full Story)
The Indian market was closed on Tuesday due to a national holiday.
India fulfils more than half of its edible oil requirement through imports, mainly palm oil produced in Malaysia and Indonesia.
