Refined Soy Oil Futures Continue To Close Lower

Refined soy oil futures continue to close lower for fourth session on Tuesday tracking weak international trend. However, spot prices have increase 0.55%. There is good physical demand from the stockists on anticipation of higher intake of edible oil in the country during the next one month. The increase in the tariff value by the government and weakening rupees too supported prices in recent weeks.

Government increases the tariff value for crude soyoil for the second half of May by $13 to $793 per tonnes. Imports of soyoil are lower this oil year starting last November. According to SEA, during Nov.’16 – Apr.’17, import of soy oil has been lower to 13.50 lt from 22.44 lt in the same period of last year.

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