Soy Refined Oil may Continue Down Trend on Profit Booking.

Soy refined oil prices fell on Tuesday due to profit booking and fresh selling. Please note that prices rose sharply during last week due to emerge of physical demand and buying support in the futures market. In fact now weather is fine and monsoon rains have stopped in north India. The festive demand is increasing which will continue to support the market in the near future. In an international conference on edible oils held in Mumbai many of the renowned analysts opined that edible oil long term outlook is positive on continuously increasing demand.

Particularly in the country like India its reliance would continue to remain there on the palm oil due to its cost effectiveness. Further international market sentiments are range bound positive which provide support to the prices. India made high edible oil import during August. As per the Solvent Extractors Association of India Country s vegetable oil imports in August rose 64% from a year earlier to 1.07 million metric tons. Total vegetable oil imports during the first 10 months of the marketing year that began Nov. 1 rose 5% to 7.45 million tons from 7.07 million tons a year earlier.

Source : indiainfoline.com