Refined Soy Oil Futures Closed Higher On Tuesday

Refined soy oil futures closed higher on Tuesday due to technical rebound from the lower levels. Moreover, the tariff value of crude soyoil was hike by $10 per tonnes to $879 for the first fortnight of February. However, there is good supplies and lower demand from the bulk buyers and retail consumers. According to data released by the Solvent Extractors' Association of India, edible oil imports fell nearly 17% on year to 1.17 mt in December. 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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