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

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.

A man carries empty aluminium tins used for edible oil past a stack of tins at a recycling yard in Ahmedabad. (File Photo | Reuters)

MUMBAI: 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.

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.