Refined Soy Oil Futures Trade On Positive Note On Wednesday

Refined Soy Oil Futures trade on positive note on Wednesday as market participants initiated fresh buying tracking improved physical demand ahead of festival season. Moreover, weakness in rupees also supported prices. However, it closed last 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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