Jaipur, Sep 14 (Commoditiescontrol) Mustard complex extended its bullish trend further on Saturday with a jump in the prices of oilseed, oil and oilcake, following the govt move to raise duty on imports of edible oil. In a bid to support oilseed growers of the country, the govt of India has raised important duty on crude and refine palm oil, Soyoil and sunflower oil, a market analyst said.
Prices of mustard seed with 42% conditioned further rose Rs 100 to Rs 6925-6950 per quintal (excluding GST), in the benchmark market of Jaipur.
Mustard oil expeller prices were Rs 47 up at Rs 1411-1412 per 10kg. Kachchi Ghani prices also gained Rs 47 to 1421-1422 per 10kg. Mustard cake prices were Rs 30 up at Rs 2745-2750 per quintal in Jaipur.
Prices of mustard seed rebounded and jumped Rs 150 to Rs 6550-6600 per quintal in Delhi and mustard oil expeller traded Rs 50 higher Rs 1365 per 10kg.
In Charkhi Dadri, prices of mustard seed dropped Rs 150 to Rs 6500-6550 per quintal and mustard oil expeller traded Rs 55 up at Rs 1355 per 10kg. Cake prices were Rs 25 at Rs 2725 per quintal in Charkhi Dadri.
Total arrivals of mustard seed were around 225 lakh bags across the country.
Arrivals of mustard seed were one lakh bags in Rajasthan, 20,000 bags in Madhya Pradesh, 35,000 bags in Uttar Pradesh, 15,000 bags in Punjab and Haryana and 15,000 bags in Gujarat. Arrivals were 40,000 bags in the other major markets of the country.
Govt on Friday imposed a 20% basic customs duty on crude palm oil, crude soyoil and crude sunflower oil from Sept. 14, the notification said.
It will effectively increase the total import duty on the three oils to 27.5% from 5.5% as they are also subject to India's Agriculture Infrastructure and Development Cess and Social Welfare Surcharge.Imports of refined palm oil, refined soyoil and refined sunflower oil will attract 35.75% import duty against the earlier duty of 13.75%.
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