Decrease in the effective duty on edible oils as the dollar rate falls for importers

(Gujarat News Office), Mumbai, Ta. 22 January 2021, Friday

Peanut oil and cottonseed oil prices remained soft in the Mumbai oilseeds market today. Imported palm oil also had a softer weather while sunflower rose at a slower pace. The futures market was down. There were indications that soyoil prices in the futures market had come down near the bearish circuit at one stage.

In the global market, palm oil futures in Malaysia today rose by 3 to 4 points in near delivery while soft delivery prices were softened by 3 to 12 points. There was news today that the price of palm products has gone up by ૫ 2.50 to ૨ 13.50. The possibility of an increase in the export tax and levy rate on crude palm oil and RBD palm oil in Indonesia, probably from February, was being discussed in the world market today.

There were rumors of a transport strike in Brazil. In the US agricultural markets, soybean prices rose by six points and soybean oil by 4 points in the overnight trade, while soymeal prices fell by 3 points, while cotton prices rose by 3 points and soybean oil prices rose by 4 to 5 points this evening.

Meanwhile, the dollar exchange rate for importers in India has been hiked to Rs 4.5 per dollar and the effective import duty on various edible oils imported into the country has been reduced by Rs 3 per tonne of CPO, Rs 50 per palmolin and Rs 5 per kg of soyoil. Said.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil fell by Rs 150 and cottonseed oil by Rs 1,050 while the price of mustard rose by Rs 150. Producers today indicated that the prices of cotton washed were again reduced to Rs 4 to 5, cingulum oil to Rs 15 to Rs 1,200 and 15 kg to Rs 510 to Rs 20 per kg.

In the Mumbai spot market, imported palm oil prices fell again to Rs 5 today, while crude palm oil CPO Kandla was quoted at Rs 715. The new demand was winged.

In the futures market, CPO futures fell by about Rs 15 to Rs 319.50 this evening and soyoil futures fell by about Rs 2.50 to around Rs 105. In the Mumbai spot market, the price of 10 kg of soyoil was Rs 105 for digam and Rs 1,050 for refined. Sunflower was priced at Rs 120 and refined at Rs 15.

Soybean and soymeal prices were quoted in the projection in US agricultural markets this evening. Peanut prices ranged from Rs.1000 to Rs.1200 per quintal. Castor oil prices rose by Rs 5 in the Mumbai spot market today. While the price of present castor was raised by Rs. Castor February futures were up by Rs 4 to Rs 410 in the evening.

In the Mumbai flour market, the price of a tonne of cottonseed meal went up by Rs 30 today while the price of soymeal meal remained soft at Rs 200. Castor meal prices rose by Rs 50. The others, however, were quiet. Prices for various deliveries at Navi Mumbai port ranged from Rs 1,150 for soyoil and Rs 150 to Rs 1,210 for sunflower, while prices for various deliveries of sunflower at Chennai ranged from Rs 150 to Rs 150.