2000 tons trade in palm oil at New Year's Eve

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(By commerce representative), Mumbai, Ta. 14 November 2020, Saturday

Prices of various domestic and imported edible oils rose in the Mumbai Vikram Samvat Muhurat trade in the Mumbai Oilseeds market today and prices of most edible oils were higher, except for the decline in the only sunflower oil. About 2,000 tonnes of imported palm oil was traded for various deliveries in New Year's Eve today, market sources said. These trades were in the range of Rs 5 to Rs 5 per 10 kg and finally the prices were quoted up to Rs 3. In addition to palm oil, soybean oil was also traded in small quantities at the moment, experts said.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil rose by Rs 1,20.5 per kg, while cottonseed oil rose by Rs 1,031.5 per kg, palm oil by Rs 20.5 per kg and soyoil digam by Rs 1,031.5 per kg. Refined prices were Rs 1,031.5, mustard Rs 1,31.5, while sunflower prices were down Rs 1,190.5 and refined Rs 1,13.5.

Meanwhile, crude palm oil (CPO) Kandla was quoted at Rs 4.5. Meanwhile, manufacturers today reported a rise in prices of cotton washed at Rs 4 to Rs 5, cingulum oil at Rs 1,51 and 15 kg at Rs 2,150 to Rs 4,150.

Experts said the increase in the effective import duty on edible oils was due to the government's increase in the tariff value used as a benchmark to calculate the import duty on edible oils imported into the country. Such tariff value of crude palm oil (CPO) has been increased from ૭૮૨ 4 to ૮૪૭ 4, palmolin from ૪ 215 to ૮૮૬ 3, soyoil from ૯૪૮ 4 to ૯૫૭ 4 and as a result the effective import duty on these oils has been increased from Rs. Experts added that soyoil has gone up by Rs 50.

Meanwhile, in US agricultural markets, soybean futures rose another 3 points in overnight trade, hitting a new post-June 2017 high, while soyoil futures rose 3 points overnight, while soymeal futures remained quiet. World market sources said today that workers in Argentina's oil sector are likely to go on strike in support of the wage increase. Soybean exports from the US were also reported to have touched about 1.5 million tonnes this week.


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