Informist, Monday, Oct 18, 2021
By S. Anirudh Iyer
NEW DELHI – The futures contracts of all the components in the edible oil basket traded on the National Commodity and Derivatives Exchange, and the Multi Commodity Exchange of India were higher today.
* SOYBEAN and REFINED SOYOIL contracts on the NCDEX were higher today as demand for the commodity recovered after prices fell in the past few sessions as the recent cut in import duty weighed on sentiment.
* The government reduced the effective import duty on crude and refined variants of soyoil as a measure against unusual hike in prices going ahead. The effective import duty on crude soyoil has been reduced to 5.50% from 24.75%, and effective duty on refined soyoil has been cut to 19.25% from 35.75%.
* MUSTARD contracts on the NCDEX ended higher as firm demand outlook for the commodity due to the upcoming winter supported prices. Consumption of mustard oil increases during winters.
* CRUDE PALM OIL contracts on the MCX were higher as prices were supported due to expectations of demand from bulk buyers for the festival season.
* Also, strength in parent contracts on the Bursa Malaysia Derivatives supported prices on the domestic bourse. CPO prices gained strength in international markets because of a rise in crude oil prices recently.
* Prices of CPO borrow cues from crude oil as the edible oil is used to manufacture biofuel.
End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Michael Correya
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Source: Cogencis
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