AGL 41.50 Increased By ▲ 2.96 (7.68%)
AIRLINK 128.00 Decreased By ▼ -1.50 (-1.16%)
BOP 6.26 Increased By ▲ 0.65 (11.59%)
CNERGY 4.13 Increased By ▲ 0.27 (6.99%)
DCL 8.44 Decreased By ▼ -0.29 (-3.32%)
DFML 40.69 Decreased By ▼ -1.07 (-2.56%)
DGKC 87.90 Decreased By ▼ -0.40 (-0.45%)
FCCL 34.10 Decreased By ▼ -0.90 (-2.57%)
FFBL 66.33 Decreased By ▼ -1.02 (-1.51%)
FFL 10.56 Decreased By ▼ -0.05 (-0.47%)
HUBC 108.70 Decreased By ▼ -0.06 (-0.06%)
HUMNL 14.46 Decreased By ▼ -0.20 (-1.36%)
KEL 4.65 Decreased By ▼ -0.10 (-2.11%)
KOSM 7.33 Increased By ▲ 0.38 (5.47%)
MLCF 42.72 Increased By ▲ 1.07 (2.57%)
NBP 60.84 Increased By ▲ 1.24 (2.08%)
OGDC 178.97 Decreased By ▼ -4.03 (-2.2%)
PAEL 25.70 Decreased By ▼ -0.55 (-2.1%)
PIBTL 6.06 Increased By ▲ 0.09 (1.51%)
PPL 146.15 Decreased By ▼ -0.55 (-0.37%)
PRL 24.91 Increased By ▲ 1.30 (5.51%)
PTC 16.14 Decreased By ▼ -0.42 (-2.54%)
SEARL 70.20 Increased By ▲ 1.90 (2.78%)
TELE 7.22 Decreased By ▼ -0.01 (-0.14%)
TOMCL 36.20 Increased By ▲ 0.25 (0.7%)
TPLP 7.84 Decreased By ▼ -0.01 (-0.13%)
TREET 15.59 Increased By ▲ 1.39 (9.79%)
TRG 50.36 Decreased By ▼ -0.09 (-0.18%)
UNITY 26.90 Increased By ▲ 0.15 (0.56%)
WTL 1.24 Increased By ▲ 0.03 (2.48%)
BR100 9,793 Decreased By -12.8 (-0.13%)
BR30 29,604 Decreased By -74.4 (-0.25%)
KSE100 92,021 Decreased By -282.9 (-0.31%)
KSE30 28,665 Decreased By -175.5 (-0.61%)

India's vegetable oil traders have urged the government to impose an import tax and allow futures trading in soyaoil following a slump in prices, a leading trade body said on Thursday. India, the world's biggest vegetable oil importer after China, in April scrapped a 20 percent import duty on crude edible oils and cut the levy on refined oils to 7.5 percent from 20.75 percent to control inflation.
The Solvent Extractors' Association of India (SEA) said in a letter to the farm, finance and trade ministers the government should impose a 30 percent import duty on crude palm oil, 37.5 percent on RBD palmolein and 20 percent on crude soyabean oil. The SEA, the apex body of vegetable oil traders, also asked the government to allow exports of edible oils and resumption of futures trade in soyaoil. The government banned exports of edible oils in March for a year despite tiny sales of groundnut oils and has halted futures trading in soyaoil until November.
Benchmark Malaysian crude palm futures dropped to their lowest in nearly two years on Thursday after crude oil hit a new 13-month low amid worries that an accelerating economic slowdown will cut demand, traders said.
The January contract the Bursa Malaysia Derivatives Exchange fell 99 ringgit, or 5.66 percent, to 1,649 ringgit ($468) per tonne by midday. The contract earlier fell as low as 1,620 ringgit a tonne, the lowest since October 20, 2006. India imports almost half of its annual edible oil requirement of around 11 million tonnes in the form of palm oil from Malaysia and Indonesia, and soyaoil from Brazil and Argentina.

Copyright Reuters, 2008

Comments

Comments are closed.