Refined Soy Oil Futures Closed Higher

Refined soy oil futures closed higher on Thursday due to lower level buying by the market participants on anticipation of good physical demand. The most active Ref Soy oil Jan’17 expiry contract closed 0.36% higher to settle at Rs. 717.5/10kg. The increase in tariff values is supporting the prices recently. 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. Despite increase in tariff prices, the record oilseed production in country is weighing on the soy oil prices.

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