Refined Soy Oil Futures Closed Lower On Tuesday

Refined soy oil futures closed lower on Tuesday due to technical correction from higher levels. The most active Ref Soy oil Nov’16 expiry contract closed 0.48% down to settle at Rs. 664.4 per quintal.

Earlier the prices have touched higher levels in the month as government increase the base import prices for crude soyoil by 2.18 % to $845 per tonnes. This is the second increase in a month by the government. Since January 2016, the base import prices for crude soy oil increase by more than 17 % from $720 per tonnes. Government fixes the tariff value every fortnight.

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