Refined Soy Oil Futures Closed Higher

Refined soy oil futures closed higher on Monday mostly on anticipation of good demand from the stockists. However, the prices fell after touching Rs. 719 per 10 kg to close at 702 on reports that the production of edible in 2016/17 will be a higher by 25.5% compared to last year to 72.8 lt. Last year, edible oil production was at 58 lt. There was no announcement of lowering duty for import of vegetable oils and oilseeds in the Union Budget 2017/18 which might be bearish for edible oil sector. Moreover, the tariff value of crude soyoil was hike by $10 per tonnes to $879 for the first fortnight of February

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