Palm Oil price increasing and Pulses import Update

Malaysian palm increasing in the market after a long time. Malaysian palm oil futures gained for the fourth consecutive session on Friday. Palm oil futures have risen 8.4% in a week

. Palm oil prices have gone up due to the possibility of a decline in palm oil production and strong soy oil. Palm oil jumped over 3% in intraday trade on Thursday due to strong demand from China ahead of the Mid-Autumn Festival starting on 1 October. This was the biggest increase in palm oil in two months. 

In order to increase the availability of pulses in the domestic market, the government has cut the import duty of lentil pulses by 20 percent. This deduction will remain in force until the end of October. A June 2017 notification has been amended in a notification by the Central Board of Indirect Taxes and Customs (CBIC). According to this, 'Basic customs duty on lentils has been reduced for the period from 18 September 2020 to 31 October 2020.'

The import duty on lentils from countries other than the US has been reduced from 30 percent to 10 percent. In the case of lentil imports from the US, the duty has been reduced to 30 percent from the earlier 50 percent. The government had earlier in June reduced the import duty to 10 percent for consignments coming from any country other than the US. In the case of the US, customs duties were brought from 50 percent to 30 percent.

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