Edible oils rose in world markets as import duty on India declined

MUMBAI: The overall decline in the Mumbai oilseeds market continued today. Players were caught asleep over the government's sudden reduction in import duty last weekend and there were indications that the market remained volatile even today after the market plunged on Saturday. The prices of domestic edible oils also came under pressure on the back of imported edible oils. However, with the reduction in import duty in India, there were reports of rising prices in the world market. In Malaysia, palm oil futures were raised by 4.5, 6 and 7 points today.

The calculation was being made in the market today that consumers would be more relieved if GST was actually reduced instead of reducing import duty in the country.

Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil fell by Rs 150 today while that of cottonseed oil fell sharply to Rs 150. The prices of cingulum oil fell by Rs 15 to Rs 150 and Rs 20 to Rs 30 per 15 kg, while the prices of cotton washed were quoted at Rs 150 to Rs 12 per kg.

Meanwhile, the price of imported palm oil in the Mumbai market today ranged from Rs 150 to Rs 15-16. At the hawala resale in palm oil, about 100 tonnes were traded in ready delivery today at 12-13. Crude palm oil CPO Kandla fell to Rs 115 today. In the futures market, CPO prices fell to Rs 1,151.

Soyoil futures were near Rs 15 and near Rs 151. In the Mumbai spot market, soyoil prices were at Rs 1,315 for digam and Rs 150 for ref.

The price of mustard, however, rose further to Rs 150 and Rs 150 to Rs. Coparel was priced at Rs 120 per 10 kg and rice bran oil at Rs 150. The spot price of castor oil fell by Rs 15 to Rs 150 to Rs 1,200 per quintal while the spot price of castor in Mumbai fell by Rs 5 to Rs 200 per kg.

In the castor futures market, meanwhile, September prices fell by Rs 4 to Rs 200 today. Prices of sunflower at Navi Mumbai port ranged from Rs 1,610 to Rs 150 for various deliveries.