Refined Soy Oil Futures Closed Higher

Refined soy oil futures closed higher but continue its range bound movement tracking steady demand from the physical market and reports of high stocks with the stockists. Prices are week at the moment mainly due to weakness in US and bearish trend in Malaysian palm oil. The government lowered the base import price of crude soyoil by $21 to $784 per tonnes for first half of April which may pressurize edible oil. There is expectations of bumper oilseeds output and higher availability of edible oil in the country.

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