The Hindu Business Line : Groundnut oil plunges Rs 500 per quintal

NEW DELHI: Groundnut oil on Thursday fell by Rs 500 Rs 6,000 per quintal in the national capital largely on considerable fall in off-take by millers and stockists as demand declined following rising mercury.

Persistent rise in imports of edible oils in the past three months too put pressure on the prices. However, mustard expeller and cottonseed oils rose moderately in view of marriage season.

Traders said sentiments remained bearish following persistent fall in demand from millers and retailers due to soaring mercury. They said fall in demand from retailers at prevailing higher levels too cast shadow on the sentiments.

Groundnut mill delivery oil prices dipped by Rs 500 to Rs 6,000 per quintal, while groundnut solvent shed Rs 50 at Rs 1,000-1040 per tin of 15 litre. “Plunge of Rs 500 per quintal in groundnut mill delivery oil seems to be mostly of a technical correcti on as prices had risen by nearly Rs 1,200 per quintal in the past one month'', Mr Hemant Gupta, General Secretary, of Delhi Vegetable Oils Traders Association (DVOTA) told PTI.

He said other edible oils also likely to dip in their prices in coming days for similar reasons. – PTI

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