Rising prices of imported edible oils amid fears of rising import duty

(By commercial representative) Mumbai, Ta. 21 August 2020, Friday

Prices of various imported edible oils rose sharply in the afternoon trade in the Mumbai Oilseeds market this afternoon, market sources said. In the afternoon, there was talk in the market that the government of India would increase the import duty on edible oils imported into the country. In the afternoon, prices of edible oils rose in the Mumbai market and in the futures market. However, world market news showed a softening.

Meanwhile, in the Mumbai spot market today, the price of 10 kg of imported palm oil was Rs 3 to Rs 4 in the afternoon and Rs 30 to Rs 5 in the late evening, while some refineries were talking about raising the price of palm oil in direct delivery to Rs 3 for September. .

However, new demand was slow. Meanwhile, crude palm oil (CPO) Kandla was up by Rs 5, while in the futures market, CPO was up by Rs 21.50 to Rs 5 in the evening. Soyoil futures were also trading higher at Rs 5 to Rs 31 in the evening.

Meanwhile, prices in the world market remained soft today amid speculation that India would increase import duties. In Malaysia, palm oil futures were down 3 points, while palm product prices were soft at ડો 2.50 to ૦૦ 8.00. Soyoil futures were down 3 points in overnight trade in the US agricultural markets, after which prices were further softened by 17 to 18 points in the projection this evening. In the overnight trade, soybean futures were down 3 points and soymeal futures were down 19 points, while cotton futures were up 21 points.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was quoted at Rs 1,50, cottonseed oil at Rs 20, soybean oil digam at Rs 5 to Rs 20 and refined at Rs 5 to Rs 20. Sunflower was priced at Rs 30 and refined at Rs 4, while mustard was priced at Rs 1,050.

Meanwhile, new soybean crop in the country is projected to increase to about 12.5 lakh tonnes, market analysts said. Meanwhile, producers today reported that the price of cingulum oil has gone up by Rs 1,215 to Rs 1,2, 15 kg from Rs 1,50 to Rs 1,50 and cotton washed from Rs 30 to Rs 4.

In the Mumbai market today, the price of castor oil was Rs 4 to Rs 4, while the spot castor was Rs 4,115. In Madhya Pradesh, soybean revenue was estimated to be around 5,000 times today.