Refined Soy Oil Futures Continue

Refined Soy Oil Futures continue its uptrend for the second successive session on reports of hike in edible import duty coupled with bargain buying. However, it closed the week in red due to steady physical demand from the stockists on reports of higher stocks of edible oil in the country.

The government has kept crude soyoil tariff value unchanged at $824 per tn for first fortnight of May. 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.

There are reports of 3% higher vegetable oil imports on year at 11.5 lakh tonnes (lt) in March. 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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