Refined Soy Oil Closed Higher

Refined soy oil closed higher taking clues from international markets. Moreover, expecting damage for rabi oilseed due to unseasonal rains may keep prices higher. Reports of higher imports of edible oil will keep stocks inventory satisfactory. Ref Soy oil Apr’16 expiry closed higher by 1.09% at Rs. 623.1 per 10 kg.

As per latest SEA data, edible oils import decline m-o-m to 12.55 lt 14.07 lt in January 2016 from 14.07 in December 2015. However, import of vegetable oils increased y-o-y during January 2016 compared to 10.95 lt in January 2015.

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.

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