Government has raised import tax on edible oil to the highest level with effect from November 2017. The duty increase will effect on oilseed prices and their availability for crushing in the Indian market, helping the country in capping edible oil imports in the 2017-18 marketing year, which started on 1 November.
The import tax on crude palm oil has been increased to 30 percent, at the same time the duty on refined palm oil has been raised to 40percent from 25 percent earlier, the govt said in its order, issued late on Friday. The import tax on crude soyabean oil was increased to 30 percent from 17.50 percent, conversely on refined soyabean oil, it was got effected to 35 percent from 20 percent.
The govt increased import duty to help farmers. However, the increase in oil seeds prices are expected to be marginal, since prices of Soyabean, groundnut etc. are ruling 15 percent to 25 percent below Minimum Support Price.
Cardamom prices jumped by 0.64 % to Rs 945 per kg in futures trading on Monday since speculators made fresh positions due to pick-up in demand in the spot market. At the MCX, cardamom for delivery in far-month Dec has gone up by Rs 6, (+0.64%) to Rs 945 per kg in business turnover of 10 lots. Similarly, the spice for delivery in Nov traded higher by Rs 2.60, (+0.27 %) to Rs 958.90 per kg in 6 lots.
Crude palm oil futures: Crude palm oil prices drifted lower on muted demand, by 0.36 % to Rs 552.20 per 10 kg in futures market today as traders trimmed exposure along with easing demand in the spot market against sufficient stocks position. At the MCX, crude palm oil for delivery in Nov fell by Rs 2.00 (- 0.36 %) to Rs 552.20 per 10 kg in business turnover of 53 lots.
Chana futures: Chana prices has fallen by 0.39 % to Rs 4,882 per quintal in futures market as speculators booked profits at prevailing levels, supported by adequate stocks position at the spot market against low demand. At the NCDEX, chana for delivery in Dec fell by Rs 19, (-0.39 %) to Rs 4,882 per quintal with an open interest of 25,930 lots.
The Indian rupee rose against the US dollar in early hours on Thursday, 02 Nov 2017 as the US Fed Reserve put off on rates and kept the window open for a December hike. Excessive selling of dollar by exporters and banks also aided the rupee.
The rupee opened at Rs 64.53 versus the dollar and registered an intraday high of 64.4775 and low 64.5675 so far during the day. Yesterday, the rupee had surged 16 paise to end at above 1-month high of 64.59 against the US currency.
The Federal Reserve kept US over-night interest rates without changes and projected solid economic growth at the conclusion of its 2-day policy meeting.
Recovery has come in Gold and Silver today. The domestic market is trading at around 0.5 percent in both. Indeed, the tension between the United States and North Korea has increased again. At present MCX Gold is trading 0.6 percent higher at Rs 29,740. Silver is trading at around Rs 39,898 with a strength of about 1 percent.
There is a possibility of increasing demand for jewellery in the domestic market. In fact, the Government has thrown jewellery business out of money laundering law. That is, now the customer’s KYC will not be required to buy jewellery worth Rs 50,000. He will not have to show a PAN card. Customers will now be able to purchase jewellery of up to Rs 2 lakhs comfortably. I.e., without the hassle of buying a gold jewellery purchase of 15 grams weighing without the PAN card, the 70 gm can now be used to buy jewellery without pan Card.
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