Increase in effective import duty on various imported edible oils

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(By commerce representative), Mumbai, Ta. 16 September 2020, Wednesday

In the Mumbai Oilseeds market, prices of various imported edible oils rose today, while prices of domestic edible oils were on the rise. Malaysia's palm oil markets closed higher today, while US agricultural markets were reported to be higher in projection this evening after falling overnight.

Meanwhile, market experts said that the effective import duty on imported edible oils has increased as the central government has increased the tariff value used as a benchmark to calculate import duty on various edible oils imported into the country. The tariff value has been raised from à«­à«© 50 to ૭૪ 21 for crude palm oil, ૭૬૪ 5 to ૭૮૬ 6 for palm oil and થી 21 to ૮૬૪ 6 for soyoil, experts said.

Meanwhile, palm oil prices rose by Rs 50 per 10 kg in the Mumbai spot market today, with about 1,000 tonnes of palm oil from various refineries traded in the range of Rs 8 to Rs 20 for various deliveries in September and October, market sources said.

Meanwhile, crude palm oil (CPO) Kandla was quoted at Rs 5, while CPO and soyoil futures were quoted at Rs 10 to Rs 15 higher in the futures market this evening, sources in the futures market said.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was quoted at Rs 1,210, cottonseed oil at Rs 4, soyoil digam at Rs 4 and refined at Rs 415, while sunflower at Rs 1,120 and refined at Rs 1,110. 1,50 were spoken. The price of mustard was quoted at Rs 1,050

. Meanwhile, manufacturing companies today quoted a higher price of Rs 60 to Rs 7 for washed cotton, while the price of cingulum oil was reported to be between Rs 1,5 and Rs 1,010 per 15 kg.

Meanwhile, castor and castor prices remained calm in the Mumbai spot market today, while October futures for castor were quoted in the futures market at Rs 30 to Rs 50. In the Mumbai flour market, the price of 1 tonne of soymeal fell by Rs 200 today, while the price of castor meal was quoted at Rs 70 higher, while other flours were quiet.

Meanwhile, in Madhya Pradesh, soybean revenue was 5,000 times higher and new revenue was 10,000 times higher today, with prices of new goods ranging from Rs 3,611 to Rs 3,500. Meanwhile, soybean futures fell by 20 points, soymeal futures by 6 points, soyoil futures by 12 points and cotton futures by 9 points in the US agricultural markets overnight.


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