Refined soy oil July futures traded on a positive note on Thursday taking cues from positive CBOT soy oil prices while a strong Rupee capped sharp gains and settled 0.61% higher. Prices gained over the last few days on demand ahead of Ramadan. CBOT Soy oil gained 1.2% tracking bullish crude oil prices coupled with technical buying.
According to NOPA, Soy oil stocks in April increased to 2.058 bn lbs from 2.023 bn in March and forecast of 1.990 bn lbs. (Source: Reuters)
India meet 50-55 percent of its edible consumption through imports and thus rupee factor is a major determinant of edible oil prices.
As per the data released by the Solvent Extractors' Association of India Imports of vegetable oils, including non-edible oils in May increased 13% y-o-y to 1,033,550 tn
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