Refined Soy Oil Aug Futures Closed Lower

Refined Soy Oil Aug futures closed lower for the second consecutive session on Wednesday due to fresh selling by the market participants on reports of higher stock levels in the country coupled with steady demand. Moreover, delayed decision on hike in import duty too pressurizes prices.

Increase in tariff duty by government for the current fortnight cannot support prices. 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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