Ref Soyaoil On NCDEX Settled Up By 0.33% At 647.1

Ref Soyaoil on NCDEX settled up by 0.33% at 647.1 tracking firmness in spot demand after prices dropped on higher stockpiles in domestic market and higher tariff rates. SEA of India showed till July 1, around 160,000 tons of soyoil stocks were at various ports of the country. Total stock of edible oil at ports and in pipelines increased to 2.27 million tons from 2.16 million tons in June 2017. India's monthly requirement is about 1.750 million tons and operates at 30 days stock against which currently holding stock over 2.278 million tons equal to 39 days requirements.

The base import price of crude soyoil has been hike by $8 to $820 per ton for the first half of August. 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. India's soybean crop in Madhya Pradesh and Maharashtra is in excellent condition and at flowering stage though the overall acreage has fallen due to late and weak rains, said a senior official.

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