The Solvent Extractors' Association of India has requested the government to refrain from placing edible coconut oil packets of less than 1,000 ml under the 18% tax slab of the goods and services tax, when the GST Council meets on Friday. The International Coffee Organization's composite indicator showed that coffee prices increased for the tenth consecutive month in August to reach 160.14 cents per pound, up 5.2% from the previous month. India received 8.6 mm rainfall today, 47% above the normal weighted average of 5.8 mm, according to the India Meteorological Department. National Commodity Clearing Ltd, the clearing arm of the National Commodity and Derivatives Exchange, has so far marked 9,210 tn cottonseed oilcake and 4,515 tn castor seed for staggered delivery against the September contract, according to data on its website. The government has raised the base import prices of all edible oils by $98- $101 per tn, the Central Board of Excise and Customs said in a notification.
Source:moneycontrol.com