Refined Soy Oil Aug Futures Closed Higher

Refined Soy Oil Aug futures closed higher on Thursday tracking firm spot / physical demand. Moreover, anticipation of increase in import duty as Prime Minister's Office called a meeting on Monday of ministries concerned to discuss duty on imports of palm oils in the country. However, higher stock levels in the domestic market may keep prices under pressure.

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 Jul 14.

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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