Ref.Soya Oil On NCDEX Settled Down -1.77% At 634.45

Ref.Soya oil on NCDEX settled down -1.77% at 634.45 on over supply following higher imports data. However downside seen limited ahead of festive season and on supply worries from world's biggest supply of oil. Government has revised down the tariff value for Crude Soy Oil to 752$ /tonne for second half of July against 765$ earlier. Government fixed the tariff value every fortnight. India edible oil imports jumped 14% in June on lower prices of edible complex in global market, data release from the Solvent Extractors Association (SEA) of India showed. Due to higher imports the domestic refining industry is facing severe crisis of under utilization of capacity and is on the verge of closure and justify increasing in duty difference between crude and refined vegetable oils from 7.5% to 15. India's edible oil imports jumped to 1.15 million tons in June compared to 1.01 million tons for the same period a year ago, data released by the SEA of India showed.

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