Ref Soyaoil On NCDEX Settled Down By -0.13% At 622

Ref Soyaoil on NCDEX settled down by -0.13% at 622 on late profit booking after prices seen supported as there is good physical demand from the stockists. Prices also seen supported as Government revises tariff prices higher for 1st half of June. Government increases the tariff value for crude soyoil for the first half of May by $18 to $811 per tonne. This is second increase in base import price in a month.

There is good physical demand from the stockists on anticipation of higher intake of edible oil in the country during the next one month. 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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