New Delhi. In an effort to control the rising oil-oilseeds prices, the import duty of some edible oils was reduced last week, due to which most of the oil including cottonseed oil, soybean degum, palmolein, and crude palm oil (CPO) in the Delhi oil-oilseeds market. Oilseeds prices closed showing weakness.
The government has taken an initiative to increase the production of palm oil in the country to control the rising prices of edible oils. Apart from this, along with reducing the import duty, the restricted import of palmolein has been resumed. But due to the high prices of edible oils, the government has once again reduced the import duty so that the prices are soft and consumers get relief.
Down by 5.5 percent import duty
, according to the latest notification in this regard on behalf of the Government of CPO, PALMOLEIN, has gone sunflower, soybean Digm and soybeans declined by 5.5 percent in imports of refined edible oils fee. Due to this shortage, soybean and groundnut oil-oilseeds, cottonseed, palmolein, and CPO oil prices declined last week.
PALMOLEIN off until Dec. 31 to import
believe Informed sources in the market that also went to a reduction in import duty in the past but were not rising prices under control. In his opinion, this reduction in import duty has been done only till the end of September, which should have been done at least till the month of December. This would have given the importers a certainty about the time taken to place and arrive orders for oil as well as import duties.
that if importers will import duty variation since September, they aimed at the coming of consignments imported You may be hesitant to place an import order. Sources said that the government has given exemption till December 31 for the import of palmolein, which is a better step.
There should have been a discount by the end of December,
he said, it takes about 7-10 days for the arrival of CPO Palmolein from Malaysia or Indonesia, but about 40 days for the arrival of soybeans from Brazil or Argentina, including the time of shipment and arrival. -45 takes time. It is also possible to import small consignments of palm olein, but only large consignments can be imported from Brazil or Argentina, due to which it also takes more time. Therefore, for this also, there should have been a relaxation till the end of December. With this, the importers could import with certainty and the prices of oils could be controlled.
Contrary to the general trend in the market, mustard seed prices rose by Rs 200 to Rs 8,600-8,650 per quintal last week from Rs 8,400-8,450 per quintal last week due to increased demand and reduced supply. The price of mustard seed oil rose by Rs 600 to Rs 17,600 per quintal. Sarson Pakki Ghani and Kachchi Ghani prices improved by Rs 45 each to end at Rs 2,650-2,700 and Rs 2,735-2,845 per tin (15 liters) respectively during the weekend.
Prices, on the other hand, closed at Rs.8,600-8,900 and Rs.8,300-8,600 per quintal, showing a loss of Rs.600 and Rs.400, respectively, during the weekend under review.
After the reduction in import duty, the prices of Soyabean Delhi, Soyabean Indore, and Soyabean Degum closed at Rs 14,500, Rs 14,300, and Rs 13,000 per quintal, showing a loss of Rs 500, Rs 600, and Rs 540 respectively.
Groundnut (oilseeds) prices closed at Rs 6,735-6,880 with a loss of Rs 85 during the weekend under review. While groundnut Gujarat declined by Rs 100 to Rs 15,470 per quintal. Groundnut Solvent Refined prices also declined by Rs 25 to Rs 2,370-2,500 per tin.
Crude palm oil (CPO) prices declined by Rs 500 to Rs 11,400 per quintal during the weekend under review. Palmolein Delhi and Palmolein Kandla oil closed at Rs 13,000 and Rs 11,900 per quintal, showing a loss of Rs 430 and Rs 420, respectively. The price of cottonseed oil declined by Rs 650 to Rs 13,700 a quintal as compared to the previous weekend.