Refined Soy Oil Aug Futures Closed Lower

Refined Soy Oil Aug futures closed lower on Wednesday due to fresh selling by the market participants as Rupees is strong which makes the import cheaper. However, reports that Inter-ministry panel may consider hike in edible oil import duty hike capped further drop.

Moreover, increase in tariff duty by government too support prices. The prices have increase in recent weeks on anticipation of good domestic demand of edible oil during the monsoon season. The base import price of crude soyoil has been hike by $9 to $812 per tonne for the second half of July. 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.

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