GST is now likely to change as prices of edible oils go up

(Gujarat News Office) MUMBAI: Prices of various domestic and imported edible oils rose in the spot market today. However, there were indications that futures traded lower in the evening after rising prices in the futures market. Meanwhile, with the price of edible oils rising, the possibility that the government may now cut GST was a hot topic in the market today.

In the Mumbai market, the price of 10 kg of cingulum oil was quoted at Rs 150, while the price of cottonseed oil rose by Rs 140, rayada-mustard by Rs 150 and refined by Rs 150. Producers were quoted at Rs 150 for cingulum oil, Rs 20-30 for 15 kg and Rs 1,200 for cotton washed. Meanwhile, now the rain move was keeping an eye on the market. World market news was showing progress.

In the Mumbai market today, the price of imported palm oil rose to Rs 1,215. In palm oil hawala-resell, from Rs.1310 to Rs.1315, barely 80 to 100 tons were traded. Crude palm oil CPO Kandla was quoted higher at Rs 1,115 today. However, there was news of a decline in edible oils in the futures market.

Meanwhile, palm oil futures in Malaysia rose by 30, 3, 4 and 5 points in various deliveries in the global market today. While palm product prices were up પાંચ 5 in near delivery and દૂર 5.50 to ૧૦ 10 in long delivery. Soybean prices fell in Chinese markets today, while soybean oil, palm oil soymeal prices opened higher.

There were reports of a slowdown in production as exports of palm oil from Malaysia increased. There were fears of adverse effects on agricultural crops in the United States when the weather remained dry. Soybean, soyoil and soymeal prices were the indicators of rising prices in the projection in agricultural markets in the US today.

At home, soybean revenue was 30,000 times in Madhya Pradesh, 20,000 times in Maharashtra and about 50,000 times in All India. In the Mumbai spot market today, the price of castor rose to Rs 115 to Rs 115 per 10 kg, while the price of castor castor in Mumbai rose to Rs 5 per kg. In the castor futures market, August futures were quoted at Rs 20 this evening.

In the futures market, crude palm oil CPO prices touched a high of Rs 1,105 in July and were at Rs 105 in the evening. While soyoil futures prices touched an August high of Rs 15 and were quoted at Rs 15 in the evening.

Meanwhile, in the Mumbai spot market, soyoil prices rose to Rs 150 for digam and Rs 1,200 for refined, while sunflower prices declined to Rs 120 for refined and Rs 150 for refined. Coparel was priced at Rs 1,210 per 10 kg and rice bran at Rs 150. Soybean futures were trading higher in the evening.

In the US agricultural markets, soyoil prices were projected to be 6 points plus in the projection today and in the evening, prices were reported to be in the range of 17 to 18 points plus. In the Mumbai flour market today, the prices of various flours were quoted above Rs 2,000 per tonne for groundnut flour, Rs 2,000 for cottonseed flour, Rs 2,000 for sunflower flour and Rs 2,000 for soymeal flour.