Rise in palm oil against reduction in effective import duty on soyoil

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(Gujarat News Office) Mumbai, Ta. 16 February 2021, Tuesday

The prices of imported edible oils rose in the Mumbai oilseeds market today. Indigenous edible oils were also firm. However, fresh demand fell in the Mumbai market today and imported palm oil was traded at Rs 1,115 to Rs 115 per 10 kg at a hawala resale. World market news was encouraging. Meanwhile, the government has made changes in the tariff value used as a benchmark to calculate the import duty on edible oils imported domestically.

Such tariff value has increased in palm oil while such tariff value has decreased in soyoil. This has led to an increase in the effective import duty on palm oil while a decline in soyoil, market analysts said. Meanwhile, palm oil futures in Malaysia today closed lower by 9 points at the end of the day after rising.

In the US agricultural markets, soyoil futures were in the projection of 5 to 20 plus in the projection this evening. Soybean and soymeal prices were also higher in the evening in the projection.

Meanwhile, the government has increased the tariff value of crude palm oil CPO from ૩ 103 to ૪૫ 103 since 2014 and from palm oil to ૭૯ 105 from ૪૭ 105. Soyoil's tariff value has been reduced from ૨૭ 115 to ૩ 1,105. As a result, the effective import duty on CPOs has gone up by Rs 3 per tonne and palmolin by Rs 115, while soyoil has fallen by Rs 3, market analysts said.

In the Mumbai spot market today, the price of 10 kg of imported palm oil rose from Rs 1,115 to Rs 1,115. While CPO Kandla's price rose to Rs 105. In the futures market, CPO prices were quoted at Rs 105 this evening and soyoil was quoted at Rs 115.50 in March. Castor March prices, however, fell by Rs 5 to Rs 215. Mumbai spot castor prices fell by Rs 20 today while castor oil prices remained soft at Rs 5.

Rayada and mustard have grown from 3 to 4 lakh hectares nationwide, market insiders said. In Brazil, where the weather was favorable, there was news of an increase in soybean cultivation. In the Mumbai spot market, cingulum oil prices were quiet at Rs 150 today while cottonseed oil prices rose to Rs 115.

In the Mumbai market, the price of 10 kg was Rs 1,400 for Coparel, Rs 120 for Rayda oil and Rs 150 for Rifa, Rs 150 for Sunflower and Rs 150 for Rifa. Soybean oil prices ranged from Rs 1,105 to Rs 1,105 for digam and Rs 115 for refined. Producers today reported that the price of cingulum oil was Rs 150 to Rs 150, 15 kg to Rs 20 to 30 and the price of cotton washed was Rs 1,050 to Rs 105.

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