Refined Soy Oil Futures Edged Little Higher

Refined Soy Oil Futures edged little higher for the week but it corrected from Rs. 786.75 levels to close at 773.6 per 10 kg due to strong rupees and profit booking by market participants at higher levels. It is on uptrend 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.

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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