Ref soy oil Apr futures closed 0.02% higher on Friday on technical buying at lower prices. There is lower demand and ample supply in the spot markets.
Soybean oil Import has shown 131% growth in Jan 15 as compared to Dec 14. In the month of Jan 15, there is an increase of 28 per cent import of Crude soybean oil to 224,430 tonnes as compared to last year’s 174,236 tonnes.
It is mainly due to high prices of soybean and lesser realization for oil and soybean meal in export market, resulted in lower crushing and availability of domestic oil coupled with anticipated increase in import duty by the GOI.
According to latest report of US Department of Agriculture (USDA), the domestic consumption of soybean oil in India is likely to be at around 3.45 million tons against 3.30 million tons last year.
The customs duty on crude oil has been increased to 7.5 per cent from 2.5 per cent earlier, while the duty on refined edible oil has been raised to 15 per cent from 10 per cent, as per the notification issued by the Central Board of Excise and Customs.Visit Here
http://www.epicresearch.co
GET FREE TRIAL +91 731 6642300
Soybean oil Import has shown 131% growth in Jan 15 as compared to Dec 14. In the month of Jan 15, there is an increase of 28 per cent import of Crude soybean oil to 224,430 tonnes as compared to last year’s 174,236 tonnes.
It is mainly due to high prices of soybean and lesser realization for oil and soybean meal in export market, resulted in lower crushing and availability of domestic oil coupled with anticipated increase in import duty by the GOI.
According to latest report of US Department of Agriculture (USDA), the domestic consumption of soybean oil in India is likely to be at around 3.45 million tons against 3.30 million tons last year.
The customs duty on crude oil has been increased to 7.5 per cent from 2.5 per cent earlier, while the duty on refined edible oil has been raised to 15 per cent from 10 per cent, as per the notification issued by the Central Board of Excise and Customs.Visit Here
http://www.epicresearch.co
GET FREE TRIAL +91 731 6642300
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