Refined Soy Oil Aug Futures Close Lower On Thursday

Refined Soy Oil Aug futures close lower on Thursday tracking weakness in International edible oil market. Prices may get support if Government hike the import duty on edible oils in view of the sharp fall in domestic oilseed prices. The prices have increase in recent weeks but lower base import prices have put pressure on 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.

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