Effective import duty on imported edible oils increased: Cingulum oil fell due to high prices

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- Total exports of various flours fell by 12% from April to August, though there are indications of significant growth in exports of Rayda flour

(By commerce representative), Mumbai, Ta. 17 September 2020, Thursday


In the Mumbai oilseeds market, cingulum oil prices remained on a slow decline today, while cottonseed oil continued to advance. Meanwhile, prices of various imported edible oils, including palm oil, surged behind the world market and the price of palm oil rose to close at Rs 200 per 10 kg, market sources said.

However, palm oil hit new highs today, with barely 100 to 200 tonnes traded in hawala resale. Meanwhile, according to a report from Delhi, the central government has hiked the dollar exchange rate for importers from Rs 4.10 to Rs 2.50 and the effective import duty on various domestic edible oils has been increased from Rs 12 to Rs 15 per tonne. Said.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was quoted at Rs 1,200 today, while cottonseed oil was higher at Rs 4. Among imported edible oils, palm oil was quoted higher at Rs 30 today, while crude palm oil (CPO) Kandla was quoted at Rs 8.

In the futures market, CPO's maturing futures were at Rs 6 in the evening after hitting a high of Rs 2.50, while October futures for soyoil were quoted at Rs 4.30 in the evening, according to futures market sources. The futures market turned out to be a profitable sell-off today. Meanwhile, in the Mumbai spot market, soyoil digam was quoted at Rs 5 and refined at Rs 4, while sunflower was up at Rs 1,200 and refined at Rs 1,50. Mustard was priced at Rs 1,05.

Meanwhile, manufacturing companies today quoted a sharp fall in cingulum oil prices from Rs 1,50 to Rs 1,50 and 15 kg to Rs 1,50 to Rs 3,000, while cotton washed prices were reported to have risen by Rs 20 to Rs 4.

Meanwhile, castor oil prices in the Mumbai market today rose by Rs 5 to Rs 21 to Rs 31 per 10 kg, while spot castor oil prices rose by Rs 20 to Rs 2,15. In the Mumbai flour market, the price of 1 tonne of sunflower flour fell by Rs 200 today, while soymeal flour rose by Rs 200. The others in front were quiet. Meanwhile, total exports of various flours from India declined by about 15 per cent during April-August, but exports of Rayada flour grew significantly during the period, experts said.

In Malaysia, meanwhile, palm oil futures rose 31 points today, while production fell by 3 per cent in 15 days. Meanwhile, in US agricultural markets, soybean futures rose 12 points, soymeal futures rose 3 points and soyoil futures rose 3 points, while cotton futures fell 4 points. And in the projection this evening, there were indications that soyoil futures prices were running at 4 to 5 points minus.

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