Ref.Soya oil on NCDEX settled down -0.75% at 705.3 tracking weakness in spot demand after on profit booking prices gained on reports that government is seriously considering increase in import duty of edible oil. Moreover, hike in the tariff value for soy oil by $15 per ton to $839 for the first half of Nov also support prices.

The Solvent Extractors’ Association of India (SEA) has once again requested the Centre to increase the import duty on edible oils, due to lower oil-seed prices and financial loss to farmers.

Trading Ideas:

* Ref.Soya oil trading range for the day is 697-717.

* Ref soyoil dropped tracking weakness in spot demand after on profit booking prices gained on reports that government is seriously considering increase in import duty.

* Chinese imports of oil-seeds are forecast to grow to a record 99.8 million tonnes in 2017/18, up 1.3 million tonnes from the prior season.

* India’s edible oil imports are likely to rise to 15.90 million tonnes in the 12 months through October 2018.

* At the Indore spot market in Madhya Pradesh, soyoil was steady at 0 Rupees per 10 kgs.

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