Refined Soy Oil Futures Continue To Trade

Refined Soy Oil Futures continue to trade on positive note after increase in import duty on refine and crude soyoil. However, the prices have closed lower on weekly basis due to reports of sufficient stocks with the traders and ample availability of oilseeds 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.

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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