Ref Soyaoil On NCDEX Settled Down By -0.58% At 639.8

Ref Soyaoil on NCDEX settled down by -0.58% at 639.8 on higher stockpiles and on weak demand in domestic market. Traders are expecting stockpiles to rise in near term on cheaper prices in Argentina. For soyoil Indian importers, prices of oil in India are Rs 577 per 10 kilogram as compared to that cost from Argentina is Rs 570.61 per 10 kilogram. Inventories with traders and stockiest is sufficient and they have opted to buy as per requirements to cater retail demand. Moreover, soyoil stock at various ports of the country totalled at March 20 at 121,000 tons as compared to 94,000 tons a week ago, which is sufficient to meet the demand.

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