Ref Soyaoil On NCDEX Settled Down By -0.43% At 653.35

Ref.Soyaoil on NCDEX settled down by -0.43% at 653.35 on fear of lower demand after the government cut import duty. Prices also seen under pressure amid expectation of higher supply in domestic market. The import duty on refined edible oils have been reduced 15 percent, the order posted on a government website, showed. India 2016-17 edible production may rise 20% on favourable weather condition this year. Domestic edible oil production 2016-2017 is seen at 6.97 million tons compared to 5.82 million tons last year.

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