Refined Soy Oil Futures Closed

Refined soy oil futures closed with little change on Thursday due as government have not taken any decision on edible oil duty hike while strong Rupees also pressurize the prices. Prices have seen some recovery last week due to increase in base import prices and reports of duty hike.

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.

As per SEA, the stock of edible oils as on 1st May, 2017 increased to 21.2 lt from 19.1 lt in Apr., 2017 while Import of soy oils during April 2017 is reported at 3.04 lt compared to 3.50 lt in April 2016 - down by 12.4% however, the imports increase 32% m-o-m.

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