Refined Soy Oil Futures Slump

Refined Soy Oil Futures slump to 22 weeks low on Tuesday due to higher stocks with the traders and sufficient availability of oilseeds in the country. There was anticipation that government is likely to hike import duty of all soft oils to support prices of domestic oilseeds but because of no decision the prices are going down.

Moreover, government has slashed the base import prices of crude soyoil for the second consecutive fortnight by $31 per tn to $769 per tonnes. Based on global prices and fluctuation in foreign exchange rates, the government revises base import prices every fortnight, it was last revised on 15th May.

As per the data from SEA, crude soyoil imports during the April dropped 13% to 264,750 tons compared to 304,942 tons in the same period a year ago. Stocks of edible oil in ports and pipeline are estimated at 2.34 mt as on May 1 compared to 2.12 mt a year ago while higher than 2.1112 mt in April.

For Quick Trial – 8962000225 ✔ 
or mail us here:
✆-0731-6626191  | Toll Free - 1800-3010-2007
 Give a Missed Call for Free Trial - 09699997717
NewerStories OlderStories Home