Ref Soyaoil Settled Up By 0.07% At 615.5

Ref.Soyaoil settled up by 0.07% at 615.5 due to lower level buying and steady demand by the stockists. As per latest SEA data, edible oils import rose to 14.07 lt in December last year from 11.23 lt in December 2014. However, imports of non-edible oils fell to 11,467 tonnes from 17,996 tonnes in the year-ago period. The oil industry has asked government to increase the duty to 45% from the current 12.5% to give support to indigenous industry. 

The Ministry has earlier proposed increase in import duty on crude edible oils to 17.5% and on refined edible oils to 25% from the existing level. India's export of oilmeals during January 2016 is reported ever lowest at 17,243 tons, down 91% as compared to 185,654 tons in the same month of previous year, according to data compiled by Solvent Extractors' Association (SEA). The overall export of oilmeals during April 2015 to January 2016 is more than halved to 1,005,085 tons.

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