Refined Soy Oil Futures Closed Higher On Tuesday

Refined soy oil futures closed higher on Tuesday and trading in a narrow range as prices try to consolidate on good supplies and steady physical demand from the bulk buyers. Moreover, the tariff value of crude soyoil was reduced by $23 per tonnes to $869 for the second fortnight of January, which is the second consecutive reduction in three months by the government. India's edible oil imports fell nearly 17% on year to 1.17 mt in December, according to data released by the Solvent Extractors' Association of India. India import of soybean oil has declined to 2.32 lt in Dec from 4.90 lt in the year-ago period as supplies of soybean is good at lower prices.

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