Refined Soy Oil Futures Settled Lower

Refined soy oil futures settled lower but the spot prices jumped more than 1% on good physical demand.

Government has not taken any decision on edible oil duty hike while strong Rupees pressurize the prices. For the current fortnight government increases base import prices has supported domestic prices. 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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