Reduction in effective import duty on edible oils

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(Gujarat News Office), Mumbai, Ta. 08 January 2021, Friday

In the Mumbai oilseeds market, there was mixed weather in domestic edible oils today amid simmering wait for cingulum oil and cottonseed oil while imported edible oils remained soft. Effective import duty on various edible oils imported into the country has been reduced as the government has reduced the dollar's exchange rate for importers, market insiders said.

The effective import duty on crude palm oil CPOs has been reduced by about Rs 12 per tonne to Rs 6.00 per dollar from Rs 6.5 per kg, while palmolin duty has been reduced by Rs 3 and soyoil by Rs 15, market analysts said. .

Meanwhile, there was talk in the market today that the government would lift restrictions on palmolin imports in the country. In the global market, palm oil futures rose four points in Malaysia today, while palm product prices rose by ૫ 5 to ૫ 2.50. Market sources were pointing out that Pakistan's purchases are likely to increase further.

U.S. agricultural markets fell overnight. Soybean prices were down 3 points from a six-and-a-half-year high, while soymeal prices were down 3 points, soyoil prices were up 4 points and cotton prices were down 20 points. However, this evening, there was news that soyoil prices were in the projection of 11 to 12 points plus.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was quoted at Rs 150, cottonseed oil at Rs 115 and mustard at Rs 1,200. On the other hand, manufacturers had directed that the price of cingulum oil be between Rs 15 and Rs 120, 15 kg at Rs 310 and cotton washed at Rs 1,100. In the Mumbai market, imported palm oil prices fell to Rs 1,050 and crude palm oil CPO Kandla to Rs 4.

In the futures market, CPO futures were quoted at Rs 70.50 and soyoil futures at Rs 115 this evening. Castor futures rose by Rs 15 to Rs 30 in January. In the Mumbai spot market, castor prices rose by Rs 10 and castor oil by Rs 2 today. In the Mumbai flour market, the price of castor flour rose by Rs 200 per tonne today while the price of soymeal flour fell by Rs 1,000 to Rs 2,000. However, the others were quiet.

Meanwhile, soybean oil was quoted at Rs 115 for digam and Rs 1,150 for refined in the Mumbai market, while sunflower was priced at Rs 1,210 and refined at Rs 120. Peanut prices ranged from Rs 80 to Rs 1,100 per quintal.

Prices of various deliveries at Navi Mumbai port ranged from Rs 150 for soyoil and Rs 150 to Rs 1,200 for sunflower. At Mundra and Hazira, prices ranged from Rs 11,100 to Rs 1,150 for various delivery palm oil, Rs 150 to Rs 12 for soyoil and Rs 150 to Rs 12 for sunflower. In the futures market, soybean futures and mustard futures were showing a slow recovery this evening.


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