Ref Soyaoil On NCDEX Settled Up By 1.07% At 631.65

Ref Soyaoil on NCDEX settled up by 1.07% at 631.65 due to bargain buying by the market participants after the prices dropped on ample supplies due to increase in cheap edible oil imports. According to India Meteorological Department (IMD) The southwest monsoon continued to be weak while country got 2% below normal rains which brought down the surplus to 4% until June 20 from 5% a day earlier and 18% a week ago. Further, SEA of India believes that farmers may shift from oilseed to the plantation of other crops on hope of higher remunerative prices.

To ensure that the farmers do not loose their interest in oilseed cultivation, SEA of India has requested government to hike import duty on crude oil to 20% and refined oil to 35% as a short-term measure to support the price. Last week, edible oil prices have increase 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.

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