Effective import duty on various imported edible oils reduced as government cuts dollar exchange rates

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Mumbai, Ta. 07 May 2020, Thursday

The weather was mild in the Mumbai oilseeds market today. Trade was scattered due to lack of new demand. World market news was disappointing. Relations between the two countries are deteriorating again as the US launches allegations against China in the wake of the Corona virus, and its impact on US agricultural markets was newsworthy today.

Meanwhile, there was news that the central government had reduced the dollar's custom exchange rate for importers from Rs 7.5 to Rs 2.50. The reduction, effective from Thursday, has reduced the effective import duty on various imported edible oils, market analysts said. As a result, the effective import duty on crude palm oil has been reduced by about Rs 3 to Rs 5 per tonne, while the import duty on palm oil has been reduced from Rs 200 to Rs 201 and the import duty on soyoil has been reduced by Rs 5 to Rs 20, sources said. As a result, prices of various imported edible oils remained sluggish in the domestic spot market.

Meanwhile, soybean futures fell 3 points in overnight trade in US agricultural markets, while soyoil futures fell 3 points and soymeal futures fell 12 points. However, New York cotton futures were up 20 to 5 points overnight. In Malaysia, palm oil prices fell to a three-month low.

There, the government cut interest rates by about 30 points to support the economy, global sources said. In Argentina, soyoil prices have fallen by about 30 per cent this year, following a recent 15-year low. Egypt, meanwhile, has made deals to buy about 20,000 tonnes of soyoil from the world market at a lower price for July delivery, with imports reportedly hitting ના 2.50.

In Saurashtra, cingulum oil was priced at Rs 1,50 and cotton washed at Rs 4, while in Kandla, prices were quoted at Rs 3 for RBD palmolin and Rs 50 for non-GST delivery till May 15.

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