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(By commerce representative), Ahmedabad, Mumbai, Ta. 16 October 2020, Friday

While the people have not yet been relieved of the various adversities that have arisen in the wake of the Koro epidemic, the inflation virus has also begun to take hold. After rising prices of cereals, pulses and vegetables, housewives' budgets have been disrupted in the difficult times of rising edible oil prices. Peanut oil price at Ahmedabad Oilseed Market is Rs. Label tin with a rise of Rs. 30/30 were spoken. Apart from this, prices of palmolin, vegetable ghee and coprale also rose.

In the Mumbai oil-oil market, cingulum oil prices rose today behind the manufacturing plants, while cottonseed oil was also quoted higher. However, in the face of a slowdown in imported palm oil, soyoil prices have risen, market sources said.

In the Mumbai spot market, palm oil traded at a low of Rs 80 per 100 tonnes at Rs 5 per 10 kg today, while direct deliveries from refineries were negligible and prices of direct deliveries remained high, sources said. In Malaysia, meanwhile, palm oil futures were up 10 points today, as palm oil prices fell by ૫ 5 to ૫ 2.50.

Experts said there were indications that the central government had reduced the tariff value used as a benchmark to calculate the import duty on imported edible oils and this has led to a reduction in the effective import duty on imported edible oils. Meanwhile, heavy rains in Maharashtra and Andhra Pradesh and Telangana have affected cotton and soybean crops in particular.

Meanwhile, the tariff value for CPOs has come down from ૭૬૨ 4 to ૭૫૫ 3, palmolin has dropped from ૫ 203 to ૭૯૬ 8 and soyoil has dropped from ૯ 705 to ૮૯૮ 8, leading to an effective import tariff of Rs 515 to Rs 512 per tonne, while palmolin is priced at Rs 515. Experts said that the price of soybean oil has gone down by Rs 6 to Rs 715 to Rs 715.

Meanwhile, in the Mumbai spot market, cingulum oil was quoted at Rs 1,20 per 10 kg, while cottonseed oil was quoted at Rs 8 per kg. Producers had quoted a higher price of cingulum oil at Rs 1,400 and 15 kg at Rs 3,050 to Rs 4,050, while there was news that the price of washed cotton was Rs 4 to Rs 4.

Meanwhile, imported palm oil prices fell to Rs 5 in the Mumbai spot market today, while crude palm oil (CPO) Kandla was quoted at Rs 20. However, in the futures market, the CPO October price rose by Rs 2.50 to Rs 30.50 this evening, while it was in a bearish circuit after falling in the late evening on Thursday.

Meanwhile, soyoil November futures were quoted at Rs 6, up Rs 4.50 in the evening today. In the Mumbai spot market today, soyoil digam was priced at Rs 4 to Rs 500, refined at Rs 20 to Rs 3, mustard at Rs 1,050, sunflower at Rs 1,150 and refined at Rs 1,150. Meanwhile, Mumbai spot castor oil prices rose by Rs 3 today, while spot castor prices rose by Rs 10, as against castor futures prices of Rs 15 higher this evening.