ANL 19.64 Increased By ▲ 1.41 (7.73%)
ASC 14.55 Increased By ▲ 0.78 (5.66%)
ASL 22.10 Decreased By ▼ -0.15 (-0.67%)
BOP 8.28 Increased By ▲ 0.22 (2.73%)
BYCO 7.79 Increased By ▲ 0.73 (10.34%)
FCCL 17.71 Increased By ▲ 0.30 (1.72%)
FFBL 22.26 Increased By ▲ 0.01 (0.04%)
FFL 15.89 Increased By ▲ 0.59 (3.86%)
FNEL 7.25 No Change ▼ 0.00 (0%)
GGGL 17.46 Increased By ▲ 1.22 (7.51%)
GGL 40.40 Increased By ▲ 2.80 (7.45%)
HUMNL 6.35 Increased By ▲ 0.42 (7.08%)
JSCL 18.48 Increased By ▲ 0.58 (3.24%)
KAPCO 35.15 Decreased By ▼ -0.07 (-0.2%)
KEL 3.42 Increased By ▲ 0.14 (4.27%)
MDTL 2.60 Increased By ▲ 0.28 (12.07%)
MLCF 34.90 Increased By ▲ 0.46 (1.34%)
NETSOL 120.99 Increased By ▲ 8.39 (7.45%)
PACE 5.00 Increased By ▲ 0.38 (8.23%)
PAEL 29.30 Increased By ▲ 1.50 (5.4%)
PIBTL 8.90 Increased By ▲ 0.20 (2.3%)
POWER 7.20 Increased By ▲ 0.05 (0.7%)
PRL 17.09 Increased By ▲ 0.99 (6.15%)
PTC 9.85 Increased By ▲ 0.40 (4.23%)
SILK 1.52 Increased By ▲ 0.04 (2.7%)
SNGP 47.25 Increased By ▲ 1.70 (3.73%)
TELE 17.38 Increased By ▲ 1.21 (7.48%)
TRG 167.90 Increased By ▲ 8.42 (5.28%)
UNITY 33.11 Increased By ▲ 1.91 (6.12%)
WTL 2.93 Increased By ▲ 0.17 (6.16%)
BR100 4,744 Increased By ▲ 67.03 (1.43%)
BR30 22,971 Increased By ▲ 921.41 (4.18%)
KSE100 45,275 Increased By ▲ 457.17 (1.02%)
KSE30 17,837 Increased By ▲ 195.07 (1.11%)

Coronavirus
HIGH Source: covid.gov.pk
Pakistan Deaths
27,638
4124hr
Pakistan Cases
1,241,825
1,40024hr
3.17% positivity
Sindh
456,343
Punjab
429,655
Balochistan
32,875
Islamabad
105,217
KPK
173,353

MUMBAI: India’s palm oil and soyoil imports plunged by nearly a quarter in June from a month ago, a leading trade body said in a statement on Tuesday, as refiners postponed purchases anticipating a reduction in the import tax.

The country’s palm oil imports in the month dropped 24 from a month ago to 587,467 tonnes, while soyoil purchases fell by 23 percent to 206,262 tonnes, the Solvent Extractors’ Association of India (SEA) said in a statement.

India’s sunflower oil imports in June were steady at 175,702 compared to 175,759 tonnes in May, it added.

India buys palm oil from Indonesia and Malaysia while other oils, including soyoil and sunflower oil, are sourced from Argentina, Brazil, Ukraine and Russia.

“Refiners were postponing purchases last month anticipating government moves to bring down prices. As expected, the government cut the import tax on palm oil,” said a Mumbai-based vegetable oils dealer with a global trading firm.

In the last week of June, India allowed imports of refined palm oil and also cut the import tax on crude palm oil to lower domestic prices that have nearly doubled in the past year, hitting consumers already stung by record fuel prices and reduced incomes amid the COVID-19 pandemic.

Palm oil imports are likely to jump above 750,000 tonnes in July as buyers are aggressively making purchases, the Mumbai-based dealer said.

Comments

Comments are closed.