Reduction in effective import duty on various imported edible oils

(Gujarat News Office) MUMBAI: The Mumbai Oilseeds Market had new trading wings today. The market mourned the passing of a well-known trader. Market prices remained sluggish. The futures market was open in the evening and initially crude palm oil CPO and soyoil futures prices remained soft.

Palm oil was down in Malaysia. In the United States, too, soybean oil prices fell 5 to 20 points in the projection this evening. In the Mumbai spot market, the price of 10 kg of cingulum oil is Rs.150, cottonseed oil is Rs.150, palm oil is Rs.1305, soyoil digam is Rs.115 to Rs.1200 and ref is Rs.15, sunflower is Rs.1210 and rifa is Rs.1050, mustard is Rs.150. 120 and Rs. 150 for ref. Crude Palm Oil CPO Kandla prices were Rs.

Castor prices were present and castor was present. In the Mumbai flour market, the price of a tonne of soymeal has gone up by Rs 50 to Rs 200 today while other flours were quiet. In the Mumbai market, Coparel was priced at Rs 120 and Rice Bran at Rs 150. Meanwhile, on the Saurashtra side, there were indications that the price of washed cotton would go up by Rs 120 to Rs 12, cingulum oil by Rs 120 to Rs 150 and 15 kg by Rs 4,150.

Meanwhile, there were reports that the government had reduced the dollar exchange rate for domestic importers from Rs 7.5 to Rs 8.10. As a result, the effective import duty on various imported edible oils imported into the country has been reduced, market sources said. Such effective import duty on crude palm oil CPO has come down by Rs 5 per tonne, while palmolin has come down by Rs 115 and soyoil digam by Rs 3, the sources added.

Meanwhile, palm oil futures in Malaysia were reported to be closing at minus 9, 12, 10 and 9 points at the end of the day after rising in world markets today. At one point in the high, the futures fell after rising 20 to 5 points. Meanwhile, at home, the prices of various deliveries at Mundra-Hazira were quoted at Rs 1,205 to Rs 1,610 for palm oil, Rs 15 to Rs 120 for soyoil and Rs 15 to Rs 150 for sunflower.

Prices of various delivery sunflowers at Navi Mumbai port ranged from Rs 1,310 to Rs 150 while soyoil prices were quoted at Rs 1,610. In Chennai, the price of sunflower ranged from Rs 150 to Rs 150. Soybean planting in Argentina has so far shown signs of completion of 3 to 4 per cent. Meanwhile, soybean oil prices fell by 3 points in the US overnight trade, while soyoil fell by 3 points. On the other hand, there were indications that the price of soybean had dropped significantly overnight.