Refined Soy Oil Sep Futures Jump



Refined Soy Oil Sep futures jump more than 1.2% on Thursday on expectation of improving festival demand in coming weeks coupled with reports of hike in import duty. However, higher stock levels in the domestic market due to good imports are keeping prices in a range.

Earlier, Government has increased soy oil tariff rates for the next fortnight. 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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