Refined Soy Oil July Futures Close Lower On Wednesday

Refined Soy Oil July futures close lower on Wednesday on technical selling by the market participants. The trend is still upwards on anticipation of increase in import duty. 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.

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