Refined Soy Oil Futures Close

Refined soy oil futures close higher last week tracking higher international prices and steep increase in tariff prices by the government. The most active Ref Soy oil Jan’17 expiry contract closed 1.11% higher to settle at Rs. 724.1/10kg. The tariff value of crude soyoil was raised by $42 per tn to $912 which was the sixth increase in three month by the government. The tariff value of soy oil has been increase by about 21.3% since mid july. As per SEA data, India import of soybean oil declined to 1,64,286 tonnes in Nov from 2,56,836 tonnes in the year-ago period while, India’s 2015/16 crude soyoil import 4.23 mt vs 2.99 mt – an increase of 41% y/y for the current oil year (Nov-Oct).

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