Refined Soy Oil Sep Futures Closed Lower

Refined Soy Oil Sep futures closed lower on weak physical demand and good stocks. However, expectation of festival demand in coming weeks coupled with reports of hike in import duty may keep prices supportive. 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. 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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