On NCDEX Settled Down By -0.58% At 624.4



On NCDEX settled down by -0.58% at 624.4 on ample supplies of edible oil in the domestic market and weak international prices. India's government is facing mounting pressure to raise import duties on edible oils after farmers staged mass protests in key farm states amid a slump in oilseed prices to below government support levels. Local oilseed crushers are struggling to compete with cheaper edible oil imports from Indonesia, Malaysia, Brazil and Argentina, reducing demand for local rapeseed and soybeans, even after prices tumbled by a third over the past 14 months due to bumper global production. India, the world's biggest palm and soybean oil importer, now relies on imports for 70 percent of its edible oils, up from 44 percent in 2001/02. Industry body, the Solvent Extractors Association of India (SEA), has petitioned the government to raise the duty on crude vegetable oils to 20 percent and on refined products to 35 percent, from 7.5 percent and 12.5 percent currently.

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