Ref Soyaoil On NCDEX Settled Up By 1.1% At 673.35

Ref Soyaoil on NCDEX settled up by 1.1% at 673.35 as support seen on improvement in demand from oil millers and crushers. Prices also seen supported on improved demand due to winter season for restocking as rival palm oil solidifies in cold weather. However, higher fresh crop arrivals at major trading centre may keep any major uptrend in prices under check. Moreover, higher imports in current oil year may pressurize prices despite increase in tariff value by the government for the next fortnight. National Oilseed Processors Association said that inventories of the oil had dropped sharply last month, to a smaller than expected 1.376 billion pounds from August 1.62 billion.

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