Refined Soy Oil Futures Closed Higher




Refined Soy Oil Futures closed higher on week due to weaker rupees and improving demand from the physical market participants. It is traded under pressure since last one month on reports of good stocks level in the country but was flat for last one week. For the first fortnight of July, the base import price of crude soyoil has been cut to $750 per tn from $752 per tn by the govt. 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.

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