Break the boom in imported palm oil: advance in cottonseed oil

(By commerce representative), Mumbai, Ta. 16 July 2020, Thursday

In the Mumbai oilseeds market, palm oil prices stopped rising today, while other imported edible oils strengthened. Meanwhile, cingulum oil prices remained stagnant, while cottonseed oil prices rose further behind the scenes, market sources said. In the world market, palm oil futures in Malaysia fell 11 to 12 points today, while there was news of a fall in the price of a palm product by 2.50. However, palm oil production fell by 12 to 12 per cent in the first 15 days of July, experts said.

Meanwhile, the central government has changed the tariff value used as a benchmark to calculate the import duty on edible oils imported into the country and reduced the tariff value of CPO and palmolin by ૬ 3, while raising the value of soyoil from ૭૨૮ 2 to 2. As a result, there has been a modest reduction in the effective import duty on domestic CPOs and palmolin, while effective imports of soyoil have increased by about Rs 30 per tonne, experts said.

In the Mumbai spot market, palm oil was trading at Rs 705 per 10 kg today, against which new demand was also slow. Crude palm oil (CPO) Kandla was trading at Rs 500, while CPO and soyoil futures were seen falling again in the evening after rising intra-day, sources in the futures market said.

In the Mumbai spot market today, the price of 10 kg of cingulum oil is Rs 1,3, cottonseed oil is Rs 30 to Rs 3, sunflower is Rs 50 and refined, mustard is Rs 50, soyoil is Rs 500 and refined is Rs 500. Were speaking. Producers today quoted cingulum oil at Rs 1,2, 15 kg at Rs 1,20 to Rs 150 and cotton washed at Rs 205 to Rs 305.

Meanwhile, castor and castor oil prices in Mumbai were calm today. In the flour market, the price of 1 tonne of soymeal flour went up by about Rs 300, while other flours remained stable.

Meanwhile, exports of edible oils from India to the world market increased by about 3 per cent to 20.5 tonnes in 2016-2017, experts said. Meanwhile, soybean futures were up 3 points and soyoil futures were up 3 points in overnight trade in US markets.