Refined Soy Oil Futures Gain

Refined soy oil futures gain on Wednesday due to chart based trading. Ref Soy oil Jul’16 expiry closed 0.16% higher to settle at Rs. 645.0/ 10 kg. Earlier, prices have been down due to sufficient supplies in the physical market and weak physical demand as edible oil imports into the country decline last month. Moreover, sufficient stock in the physical market on report of higher imports may weigh on prices at higher levels. As per SEA data, Import of vegetable oils during May 2016 is reported at 10.25 lakh tons (lt) compared to 13.72 lt in May 2015, down by 25% due to highest stock at port and pipeline and reduced demand due to summer. Moreover, Import of soyoil during May fell to 178,064 tonnes from 289,266 tonnes compared to May 2015.

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