Refined Soy Oil Jul Futures Closed Higher On Monday



Refined Soy Oil Jul Futures closed higher on Monday due to fresh buying and tracking firm prices of soybean in the physical market. However, weaker rupees and improving demand from the physical market participants is keeping prices sideways.

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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