Ref Soya Oil On NCDEX Settled Down -0.1% At 624.9

Ref Soya oil on NCDEX settled down -0.1% at 624.95 tracking weakness in spot demand. Pressure also seen due to ample supplies of edible oil in the domestic market and weak international prices. However downside seen limited on anticipation that Government may increase import duty but government has no plans to raise import duty at this moment. However, government increases the tariff value for crude soyoil for the second half of Jun by $1 to $812 per tonne.

As per SEA, Import of soy oils during May 2017 is reported at 3.40 lt compared to 1.78 lt in May 2016 – up by 91% however, the import volume is down by about 30% for the period from Nov-May to 16.10 lt compared to 24.22 lt last year for same period. India's government is facing mounting pressure to raise import duties on edible oils after farmers staged mass protests in key farm states amid a slump in oilseed prices to below government support levels.

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