The oil for the June contract declined by Rs 3.60, or 0.55%, to Rs 647 per 10 kg, with a business turnover of seven lots at the MCX.
Soy oil is the oil extracted from soybeans. Crude soybean oil undergoes further refinement- degumming, refining, bleaching, and deodorizing and forms refined soy oil.
Soy oil prices in India are largely influenced by the international edible oil price movements (especially palm oil at BMD and soy oil at CBOT) and spot markets of Indore and Mumbai serve as the 'reference' market for Soy oil prices.
Refined soy oil is one of the major consuming edible oil in India with market share of 15 -18% after palm oil (46%). Oilseeds contributed 7% of GDP and around 14 million farmers involved in oilseed cultivation. India is the world's fifth largest edible oil economy after USA, China, Brazil and Argentina and largest importer of palm oil in the world.