July 28, 2006

India's MMTC buys 50,000 tonnes wheat from MTPL

India's state-owned trading house MMTC Ltd has purchased 50,000 tonnes of wheat from its wholly-owned Singapore-based subsidiary MTPL at US$179/tonne, on a cost and freight basis, a senior government official said Friday (Jul 28).

This is one of the first cargoes of wheat to be imported outside government purchases since the customs duty was cut to 5 percent from 50 percent on Jun 28.

"While State Trading Crop. is importing wheat on behalf of the government, MMTC has also started purchases on private accounts," the official told Dow Jones Newswires.