November 20, 2017 / 5:19 AM / a year ago

Indian soyoil, crude palm oil jump 4 percent on import duty hike

MUMBAI (Reuters) - Indian soyoil and crude palm oil futures jumped by the daily maximum limit of 4 percent on Monday after the government raised import tax on edible oils, traders said.

Indian farmers spray insecticides on their soybean crop in Kurana village, on the outskirts of Bhopal August 18, 2004. REUTERS/Raj Patidar/Files

India has raised import tax on edible oil to the highest level in more than a decade, the government said in an order, as the world’s biggest importer of edible oils aims to support its farmers.

Soyoil futures were up 4 percent at 726.35 rupees ($11.16) per 10 kg at 0504 GMT, while crude palm oil futures were trading at 576.50 rupees per 10 kg, also up 4 percent.

Soybean futures jumped nearly 3 percent in early trade on Monday, while rapeseed futures were up 2 percent.

($1 = 65.0925 Indian rupees)

Reporting by Rajendra Jadhav; Editing by Amrutha Gayathri

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