Ref Soyaoil On NCDEX Settled uUp

Ref.Soyaoil on NCDEX settled up by 0.73% at 624.65 on short covering after prices dropped on oversupply woes following robust imports data and on higher demand in export market. India's soyoil imports surged 96.58% to 441,200 tons in January compared to 224,430 tons for the same period a year ago, data released by the Solvent Extractors Association (SEA) of India showed. However, sharp fall in the oil prices will be cushioned by higher demand after USDA in its weekly exports data reported around 4,400 tons oil was exported which were up by 12% from previous week.

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