NAFED to import crude palm oil

The National Agricultural Cooperative Marketing Federation of India will import 15,000 tonnes of crude palm oil for delivery in November, an official of the state-owned cooperative said.

"The objective is to keep a check on edible oil prices by boosting supplies," the official said. Entire delivery should be made before November 20.

The supplies should originate either from Malaysia or Indonesia. The contract will be finalised on Thursday. Earlier this month, state-owned agencies MMTC and State Trading Corporation had invited bids to buy crude palm oil. Last week, MMTC decided to buy 5,500 tn crude palm oil at $800 a tonne.