Refined Soy Oil Futures Closed Lower

Refined Soy Oil Futures closed lower on profit booking by market participants on reports of good stocks level in the country. As per SEA monthly report, as on June 1, country' edible oil stock (in ports and pipeline) is at highest level ever at 26.6 lt putting pressure on domestic prices of edible oils. However, the prices may increase further due to expectation of firming up prices in Brazil and Argentina after China decision to impose tariff. Moreover, increase in import duty on refine and crude soy oil may also support higher prices.

As per the data from SEA, in May, for the first time, import of soft oils--soybean, sunflower and canola--was higher than palm oil, where the share of soft oils was at 60%. The rise in the imports of soft oil was primarily due to expectation of a rise in import duty. For the second fortnight of June, the base import price of crude soyoil has been cut to $752 per tn from $769 per tn by the govt.

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