Refined Soy Oil Futures Closed Lower

Refined Soy Oil Futures closed lower on Wednesday on technical selling. The prices have been trading lower due to weaker rupees, good stocks with the traders and sufficient availability of oilseeds in the country. It touched 5 weeks high last week amid reports that the government may increase import duty on soyoil, sunflower oil, and canola oil by 10% each to support prices of domestic oilseeds. But there was no decision on hike in import duty that leads to steep fall.

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. As per the data from SEA, crude soyoil imports during the April dropped 13% to 264,750 tons compared to 304,942 tons in the same period a year ago. Stocks of edible oil in ports and pipeline are estimated at 2.34 mt as on May 1 compared to 2.12 mt a year ago while higher than 2.1112 mt in April.

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