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 quo