Cottonseed oil boom: Soybean futures bullish circuit

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(Gujarat News Office) MUMBAI: Cottonseed oil prices rose sharply today against a slowdown in the Mumbai oilseeds market. The prices of various imported edible oils were also spotted in the Mumbai market today on the back of encouraging news from the world market.

Soybean futures bounced back into a bullish circuit today. In the Mumbai spot market, the price of 10 kg of cingulum oil rose by Rs 150 today while the price of cottonseed oil crossed Rs 1,200 and was quoted at Rs 1,315. Mustard prices, however, remained subdued at Rs 150. Meanwhile, manufacturing companies today quoted a rise of Rs 15 to Rs 13 per kg of washed cotton, while prices of cingulum oil were reported at Rs 1,200 and Rs 30-50 per 15 kg.

In the Mumbai market, imported palm oil rose by Rs 115 today. In imported palm oil, various refineries traded at Rs 115 and Rs 1,150 for July and August deliveries, respectively, for a total of about 400 to 500 tonnes. Crude palm oil CPO Kandla rose from Rs 1,050 to Rs 105. The futures market was also bullish.

Meanwhile, the central government has reportedly reduced the tariff value used as a benchmark to calculate the import duty on various edible oils imported into the country. Effective import duty on edible oils has come down as tariff value has come down, market sources said.

According to a report from Delhi, the government has reduced the tariff value for crude palm oil CPO from ૩૬ 105 to ૨૯ 105, while the tariff value for palm oil has been reduced to ૬૪ 105 from ૬૮ 105. The government has reduced the tariff value of soyoil by 15 to 15. The effective import duty on CPO has come down by Rs 15 per tonne while palmolin has come down by as much as Rs 50, while such import duty on soyoil has come down by Rs 3 per tonne, market sources said.

Meanwhile, there have been reports of the government raising the dollar's custom exchange rate for importers from Rs 2.50 to Rs 2.50. Market analysts said that the reduction in the effective duty on imported edible oils has been limited due to such rising rates.

Meanwhile, total exports of various Indian flours fell by about 11 per cent in June, while in the three-month period from April to June, such exports grew by about 4 per cent, according to Solvent Extractors Association sources.

In the Mumbai spot market, soyoil prices were quoted at Rs 150 for digam and Rs 15 for refined, while sunflower prices were up to Rs 120 and refined for Rs 1,200. In the futures market, CPO prices rose by Rs 15 to Rs 1,081 this evening, while soyoil futures jumped by Rs 15 to Rs 15 to Rs 15. In the castor futures market, the August futures price jumped by Rs 5 to Rs 215 this evening.

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