EPIC RESEARCH NCDEX REF.SOYA OIL UPDATE OF 01 JANUARY 2016

Refined soya oil futures corrected a little yesterday due to slack demand from the stockists and closed 0.06 per cent lower at Rs. 617.3 per 10 kg. Moreover, reports on more than two fold increase in soyoil imports in Nov compared to last year data capped further rise.

 The Ministry has proposed increase in import duty on crude edible oils to 17.5 per cent and on refined edible oils to 25 per cent from the existing level. Import of soybean oil rose more than twofold to 2,61,338 tonnes in November from 1,21,097 tonnes in the year-ago period.

According to latest SEA report, import of vegetable oils during November 2015 is reported at 1.34 mt compared to 1.19 mt for November 2014. This record import of vegoil is keeping the prices under pressure.

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