Soy Oil Prices Rise in Indore Market Amid Tight Domestic Supply and Global Bearish Sentiments; Imports Decline

Soy Oil

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Soybean oil experienced a slight upward movement across various markets, including a rise from Rs. 900/10Kg to Rs. 915/10Kg in the key Indore market the previous week. Tightness in domestic soybean oil supplies contributed to the price increase in the Indore market. Reports indicate that soybean oil stocks at Kandla Mundra Ports have decreased by half in five weeks, falling below 1 Lac Tons. Despite the constrained supply in the domestic market, global bearish sentiments have hindered significant gains. Soybean oil imports from November 2023 to January 2024 totaled 4.90 LT, compared to 8.48 LT during the same period the previous year.