Effective import duty on various edible oils imported to the country has been reduced: World market prices of edible oils

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(By representative), Mumbai, May 22, 2020, Friday

The Mumbai Oilseeds market today witnessed a decline in prices of various imported edible oils behind the world market, while various domestic edible oils, including cingulum oil, were seen stabilizing after the recent decline. Meanwhile, prices of palm oil and soyoil declined in the global market.

Soybean oil, soybean, soymeal and cotton prices fell sharply amid fears of new Chinese demand in US agricultural markets as relations between China and the United States soured over the Corona virus. Meanwhile, the central government has reduced the dollar exchange rate for importers from Rs 2.50 to Rs 2.50, a significant reduction in the effective import duty on various edible oils imported at home, market analysts said.

Such a reduction in duty was Rs 3 to Rs 4 per tonne in CPO, Rs 3 to Rs 4 in palmolin and Rs 3 to Rs 5 in soyoil, experts added. In the Mumbai spot market today, the price of 10 kg of palm oil was quoted at Rs 305 to Rs 305. New demand was slow. Crude palm oil (CPO) Kandla was trading at Rs 20, while CPO futures were trading at Rs 5 this evening, May futures at Rs 205.50.

In Malaysia, palm oil futures were down 3 points today, while in the US, Chicago soyoil futures were down 3 points overnight.

In the Mumbai spot market today, the price of 10 kg of cingulum oil was Rs 1,50, cottonseed oil Rs 715, soyoil digam Rs 7 and refined Rs 3, refined sunflower and refined Rs 205 to Rs 710, mustard Rs 30. . However, castor oil prices fell further by Rs 10 to Rs 20 to Rs 30 today and spot castor prices fell from Rs 2,500 to Rs 2,50. The new export operations were wings. In the Mumbai flour market, the price of 1 tonne of cottonseed meal fell by Rs 200 to Rs 2,500 today, while soymeal meal fell by Rs 100 to Rs 3,500, while other flours remained steady.

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