Refined Soy Oil Futures Traded On Negative Note

Refined soy oil futures traded on negative note yesterday and closed 1.34 per cent down at Rs. 615.2 per 10 kg on reports on more than two fold increase in soyoil imports in Nov compared to last year data. The Argentina government has removed export duty on soybean and soya oil to make their exports competitive, which results in falling in the international markets.

Earlier, the Agriculture Ministry has proposed further hike in import duty of edible oils by 5 per cent in a bid to protect the interest of farmers. The Ministry has proposed increase in import duty on crude edible oils to 17.5 per cent and on refined edible oils to 25 per cent from the existing level. Import of soybean oil rose more than twofold to 2,61,338 tonnes in November from 1,21,097 tonnes in the year-ago period.

According to latest SEA report, import of vegetable oils during November 2015 is reported at 1.34 mt compared to 1.19 mt for November 2014. This record import of vegoil is keeping the prices under pressure.

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