Refined Soy Oil Aug Futures Continue To Close Lower

Refined Soy Oil Aug futures continue to close lower for the third consecutive session yesterday on strong rupees and weak physical demand from the stockists. Stronger rupees make imports cheaper for the imports. Earlier, Government has increased soy oil tariff rates for the next fortnight capped further loss. However, higher stock levels in the domestic market is keeping prices under pressure.

The base import price of crude soyoil has been hike by $8 to $820 per tonne 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.

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