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LATEST NEWS UPDATES | Edible oil makers urge for lifting of futures trade ban on crude palm oil and soy oil on commodity exchanges -Sandip Das

Edible oil makers urge for lifting of futures trade ban on crude palm oil and soy oil on commodity exchanges -Sandip Das

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published Published on Sep 13, 2022   modified Modified on Sep 15, 2022

-Financial Express

SEA has stated that the ban on futures trade has deprived importers of hedging their price risks in rupee-denominated soya oil and crude palm oil futures on Indian exchanges.

The Solvent Extractors’ Association (SEA) of India, a body of edible oil manufacturers, on Monday demanded lifting of ban on futures trade in soya oil and crude palm oil (CPO) on the commodity exchanges imposed on December, 2021, to ensure risk management and price discovery mechanism.

SEA has stated that the ban on futures trade has deprived importers of hedging their price risks in rupee-denominated soya oil and crude palm oil futures on Indian exchanges.

“In recent months, edible oil importers have faced huge financial losses due to abnormal volatility in international and domestic prices on one side and weakening rupee on the other,” according to a SEA statement. India imports 56% of its edible oil requirements. Russia and Ukraine conflict, and Indonesia, the biggest exporter of palm oil, imposing a ban on exports in May (which was lifted after three weeks) have impacted global edible oil prices.

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Financial Express, 13 September, 2022, https://www.financialexpress.com/market/commodities/edible-oil-makers-urge-for-lifting-of-futures-trade-ban-on-crude-palm-oil-and-soy-oil-on-commodity-exchanges/2664648/


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