Refined soy oil July futures traded on a positive note on Tuesday taking cues from positive CBOT soy oil prices and demand ahead of Ramadan and settled 0.47% higher. However, weak soybean and a strong rupee capped sharp gains. CBOT Soy oil gained 0.71% tracking bullish soy oil prices in China.
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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