Ref Soya Oil On NCDEX Settled Up 0.6% At 641.9

Ref Soya oil on NCDEX settled up 0.6% at 641.9 as there is an anticipation of good domestic demand of edible oil during the monsoon season. Government increases the tariff value for crude soyoil for the second half of Jun by $1 to $812 per tonne. 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 Nov-May to 16.10 lt compared to 24.22 lt last year for same period.

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.

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