Ref Soyaoil On NCDEX Settled Up By 0.26% At 644.9

Ref Soyaoil on NCDEX settled up by 0.26% at 644.9 recovering on short covering after prices drooped on higher stockpiles in domestic market and weak demand. As on July 1, around 160,000 tons of soyoil stocks were at various ports of the country, data released by Solvent Extractors Association showed. Total stock of edible oil at ports and in pipelines increased to 2.27 million tons from 2.16 million tons in June 2017.

India's monthly requirement is about 1.750 million tons and operates at 30 days stock against which currently holding stock over 2.278 million tons equal to 39 days requirements. Meanwhile, India's soyoil imports during June slumped 24.66% to 290,904 tons compared to 386,145 tons for the same period a year ago, said the Solvent Extractors Association (SEA) of India showed in its monthly oil import data.

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