Refined Soy Oil Futures Close Lower

Refined soy oil futures close lower tracking international prices and higher domestic stocks. CBOT Soyoil posted the biggest percentage declines in the soy complex down 0.80 cent, or 2.4 percent, at 32.02 cents per lb.

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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