The government increased the tariff value of imported palm oil, while reducing the price of soyoil

(By commerce representative), Mumbai, Ta. 31 August 2020, Monday

In the Mumbai oilseeds market, prices of various domestic and imported edible oils continued to rise. World market news was also encouraging, with domestic manufacturers also reporting higher prices. Meanwhile, news came from Delhi that the central government had changed the tariff value used as a benchmark to calculate import duty on various edible oils imported into the country.

Such tariff value has been increased by the government for palm oil, while it has been reduced for soyoil, market sources said. Meanwhile, soybean prices in the world market were on the rise today with news of a new two-year high. Global soybean prices have been rising steadily for the past six days and the last such rise was in June 2017, experts said. The rise was prompted by rising Chinese demand for soybeans and unfavorable weather in the United States, experts said.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil rose by Rs 1,20, cottonseed oil by Rs 3, palm oil by Rs 20 and soyoil refined by Rs 20. The price of sunflower increased from Rs 30 to Rs 4 and the price of refined rose by Rs 1,000 to Rs 1,005.

Meanwhile, manufacturing stocks were reported to have increased their cotton washed prices by Rs 4 to Rs 5 and cingulum oil by Rs 1.2. In the futures market, CPO September was quoted at Rs 2.50 in September and soyoil in September at Rs 4, while castor September futures were quoted at Rs 4,050.

Meanwhile, the central government has hiked the tariff value of crude palm oil by ૭૨૨ 2 to ૯૩ 20 and palm oil from ૭૫૫ 3 to ૭૬૪ 4, while the tariff value of soyoil has been reduced from ૮૪૬ 2 to ૮૨ 21. As a result, the effective import duty on crude palm oil has gone up by Rs 30 per tonne and palmolin by Rs 4, while soyoil has fallen by Rs 21, market sources said.

Meanwhile, in the Mumbai flour market, the price of 1 tonne of groundnut rose by Rs 1,200 today, while soymeal rose by about Rs 1,000. The others in front were quiet. Meanwhile, total palm oil exports from Malaysia fell by about 12-13 per cent in August, ITS sources said.