Refined Soy Oil Futures Close Lower

Refined soy oil futures close lower pressurized due to weak demand at higher prices as there is higher stock position in the country. On Monday, the prices have touched Rs. 640.7 per 10 kg, highest price in one month but then closed lower.

Edible oil prices have increase over the week on anticipation that Government may increase import duty but government has no plans to raise import duty at this moment. Government increases the tariff value for crude soyoil for the second half of Jun by $1 to $812 per tonne. During last week, Rupees weaken by about 0.034% against US dollar to close at 64.47.

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 NovMay to 16.10 lt compared to 24.22 lt last year for same period.

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