Effective import duty on palm oil increased, soyoil decreased

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(Gujarat News Office), Mumbai, Ta. 16 December 2020, Wednesday

In the Mumbai Oilseeds market today, prices of various imported edible oils were seen surging behind the world market, while prices of cottonseed oil and mustard were higher in domestic edible oils, while cingulum oil prices were fluctuating narrowly. In the Mumbai spot market, however, fresh demand was sluggish today and imported palm oil traded at just Rs 100 per tonne at hawala resell at Rs 5 to Rs 5 per kg, market sources said.

In the world market, palm oil futures in Malaysia rose 19 points today, against the news that the price of palm products fell by ૫ 8 to ૧૦ 10. Total palm oil production in Malaysia was expected to decline by about 10 to 11 per cent in the first 15 days of December. There were also reports of a strike in Argentina affecting exports of various agricultural products. Overnight news from US agricultural markets showed a significant uptrend.

According to a report from Delhi, the central government has increased the tariff value of crude palm oil and palm oil used as a benchmark, while reducing the tariff value of soybean oil and the effective import duty of CPO is about Rs. Market analysts had estimated that such an effective import duty on soyoil has come down by about Rs 3 per tonne.

In the Mumbai spot market, cottonseed oil was trading at Rs 1,05 per 10 kg, while groundnut oil was trading at Rs 1,50 and mustard at Rs 1,150. Producers today quoted cingulum oil at Rs 1,2 and 15 kg at Rs 2,110 to Rs 4,150, while cotton washed was quoted at Rs 1,005 to Rs 1,005.

In the Mumbai market, imported palm oil was trading at Rs 5 to Rs 6 today, while crude palm oil (CPO) Kandla was quoted at Rs 20. In the futures market, CPO futures rose by Rs 4.50 to Rs 31.50 this evening, while soyoil futures rose by Rs 12.50 to Rs 105, sources in the futures market said.

In the Mumbai market today, soyoil prices rose to Rs 1,050 for digam and Rs 1,05 to Rs 1,050 for refined, while sunflower prices rose to Rs 1,210 and refined to Rs 1,850. Mumbai castor spot prices rose by Rs 3 today, while spot castor prices rose by Rs 20, as against the January futures price of castor was quoted at Rs 5 this evening.

Meanwhile, in the Mumbai flour market today, the price of groundnut rose by Rs 300 to Rs 300 per tonne and soymeal by Rs 1,200 to Rs 1,200, while castor flour rose by Rs 30 to Rs 40, while cottonseed meal rose by Rs. 200 to Rs. 500 were soft and the rest were quiet.

In US markets, soybean futures rose 12 points, soyoil futures 4 points, soymeal futures 4 points and cotton futures 4 points in the overnight trade.

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