Refined Soy Oil Futures Climb

Refined Soy Oil Futures climb to seven weeks high on Tuesday and continue its uptrend on reports that the government may increase import duty on soyoil, sunflower oil, and canola oil by 10% each to support prices of domestic oilseeds. Moreover, weak rupees and improved prices of oilseed in the country also support edible oil prices.

However, the government has slashed the base import prices of crude soyoil by $24 per tn to $800 per tonnes for the second fortnight of current month. Moreover, higher import duty and increase in tariff value during the current calendar year is making imports expensive.

As per the data from SEA, soyoil imports during the March dropped 49.9% to 115,102 tons compared to 229,853 tons in the same period a year ago. Stocks of edible oil in ports and pipeline are estimated at 2.11 mt as on Apr 1 compared to 1.91 mt a year ago while lower than 2.197 mt in Feb, data showed.

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