Ref Soyaoil On NCDEX Settled Down By -0.36% At 637.5

Ref Soyaoil on NCDEX settled down by -0.36% at 637.5 dropped tracking weak demand from the physical market. There is positive sentiments among market participants after government allowed bulk exports from the country. In a major policy shift, the Govt opened up the exports of edible oils such as groundnut oil, soybean oil and sesame oil in bulk quantities. However, expectations of bumper oilseeds output and higher availability of edible oil in the country and lower base import price of soyoil is pressurizing prices earlier. With expectations of bumper oilseeds output, availability of edible oil in the country is seen rising. According to data released by the Solvent Extractors' Association of India (SEA), during Nov-Feb, the country had imported 4.68 mt of edible oil, down from 5.09 mt a year ago. The government has cut the base import price of soyoil by $9 per tonnes for second half of March.

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