Refined soy oil futures recovered on Wednesday due to increae in spot prices and technical rebound from low levels. The most active Ref Soy oil Nov’16 expiry contract closed 0.96% down to settle at Rs. 670.8 per quintal.Earlier the prices have touched higher levels in the month as government increase the base import prices for crude soyoil by 2.18 % to $845 per tonnes. This is the second increase in a month by the government. Since January 2016, the base import prices for crude soy oil increase by more than 17 % from $720 per tonnes. Government fixes the tariff value every fortnight. As per SEA data, India September crude soyoil import 469,564 tonnes, an increase of 46 % compared to 321,062 tonnes year ago while, India Nov-Sep crude soyoil import 3.96 mt vs 2.58 mt – an increase of 53% y/y for the current oil year (NovOct). Earlier, India has cut import taxes on both crude palm oil and refined edible oils by 5% points to 7.5 and 15 % respectively.
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