Financial Daily from THE HINDU group of publications
Saturday, Apr 01, 2006
Financial Daily from THE HINDU group of publications Saturday, Apr 01, 2006 |
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Agri-Biz & Commodities
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Oilseeds & Edible Oil Government - Agricultural Policy Industry & Economy - Exports & Imports Tariff values for palm group of oils cut Our Bureau
Chennai , March 31 The Centre on Friday cut the tariff values for palm group of oils by $4 a tonne and that of crude soyabean oil by $13 a tonne. The Union Government had cut the tariff values for palm group of oils by $4 on March 15 also, though then, it raised the value for crude soyabean oil by $13. The revision in the values has been made in tune with the behaviour of the global prices during the last fortnight. The prices of vegetable oils have begun to rule weak in the last couple of weeks on rising supplies and slowing demand. The cut, however, comes at a time when arrivals of rabi oilseeds, especially rapeseed/mustard, gather pace. The tariff value is the base price on which the Customs duty for various vegetable oils is worked out. While the effective duty on import of crude soyabean oil is 50.8 per cent, it is 88.8 per cent in the case of palm oils. The cut in the value saw the global palm oil market react positively with prices gaining on hopes of emerging demand. Crude palm oil for benchmark June contract increased by 3 ringgits on Bursa Malaysia Derivatives to 1,437 ringgits ($390.3) a tonne. RBD palm oil was quoted at $405 a tonne f.o.b and RBD palmolein at $410.
In the domestic market, RBD palmolein was quoted at Rs 375 for 10 kg, while crude soyabean oil ruled at Rs 350, both down Rs 2 from previous close.
More Stories on : Oilseeds & Edible Oil | Agricultural Policy | Exports & Imports | Excise and Customs
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