Ref Soyaoil On NCDEX Settled Up By 0.48% At 650.6

Ref Soyaoil on NCDEX settled up by 0.48% at 650.6 tracking firmness in spot demand and overseas prices. Government is likely to increase the import duty on edible oils by mid-July in view of the sharp fall in domestic oilseed prices. There is an anticipation of good domestic demand of edible oil during the monsoon season. The base import price of crude soyoil has been cut by $9 to $803 per tonne for the first half of July.

This is the first cut in tariff value in two month. Base import prices of edible oils are revised every fortnight, based on global prices and changes in foreign exchange rate. The prices were last revised on Jun 15. As per SEA, 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)

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