Ref Soyaoil On NCDEX Settled Up By 0.73% At 694.25

Ref Soyaoil on NCDEX settled up by 0.73% at 694.25 tracking firmness in spot demand amid higher demand in export market. Big players in industry have booked huge quantity of soy oil on anticipation of demand to improve due to low priced in the complex and may result in higher supply ahead. Currently, Argentina soy oil (FoB) is quoted $762 per tonnes, while Malaysian palm oil at $775 and Ukrainian sunflower oil was last quoted $760. In addition to it, soy oil stocks at various ports of the country have risen to 114,000 ton against 99,575 tonnes. Export of soyameal and its value-added products have recorded a staggering growth of 446.38 per cent this year, according to the Soyabean Processors Association of India (SOPA).

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