ET:Indian edible oil futures extend gains on import duty hike
MUMBAI: Soyoil and crude palm oil futures on Indian commodity exchanges extended gains on Thursday afternoon after the government decided to raise import duty on crude edible oils.
India has slapped a 2.5 per cent import duty on crude edible oils, Information Minister Manish Tewari, a move taken to stem overseas purchases by the world's top vegetable oil buyer and protect its domestic oilseed growers.
Soyoil futures on the National Commodity and Derivatives Exchange extended gains up to 1 per cent, while crude palm oil futures on Multi Commodity Exchange rose up to 2.6 per cent after the announcement.
