Refined Soy Oil Futures Closed

Refined soy oil futures closed flat on mixed fundaments of lower demand and higher supplies with the stockists. Ref Soy oil Jun’16 expiry closed unchanged to settle at Rs. 649.3/ 10 kg. Prices have been surging higher due to good physical demand coupled with anticipation of import duty hike for refine oil. However, sufficient stock in the physical market on report of higher imports on vegetable may weigh on prices.

As per SEA data, lower landed cost of refined oils against crude veg oils pushed up refined oil imports by 168 % to 13.23 lt during Nov 2015 to Apr 2016 period as against 4.92 lt in the same period previous year. Moreover, Import of soyoil during Apr increased by over 86 % to 3.5 lt in April from 1.87 lt in the year-ago period.

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