Refined Soy Oil Futures Falls On Thursday

Refined soy oil futures falls on Thursday due to steady demand in the physical market. The most active Ref Soy oil Nov’16 expiry contract closed 0.60% down to settle at Rs. 666.7 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. As per SEA data, India September crude soyoil import 469,564 tonnes, an increase of 46 % compared to 321,062 tonnes year ago while, India Nov-Sep crude soyoil import 3.96 mt vs 2.58 mt – an increase of 53% y/y for the current oil year (NovOct). Earlier, India has cut import taxes on both crude palm oil and refined edible oils by 5% points to 7.5 and 15 % respectively.

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