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Low arrivals may keep groundnut oil firm

Our Correspondent
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Groundnut oil remained unchanged on Tuesday on limited buying while cotton oil gained due to shortage of cottonseeds for crushing. According to millers, in the near term groundnut oil will not come down as arrivals are low.

Loose groundnut oil loose was traded at Rs 1,295-1,300 for 10 kg, a 15-kg new tin at Rs 2,105-2,110 while a 15-kg telia tin was quoted at Rs 1,984-1,985. About 40-50 tonnes of groundnut oil were traded in Saurashtra mills.

A repacker from Ahmedabad bought 40 tonnes of groundnut oil at the highest price of Rs 1,300 for 10 kg. Last week, 10 tonnes were sold at Rs 1,311 for 10 kg, but it cannot be considered as a benchmark due to late repayment condition.

About 8,000-9,000 bags of groundnut arrive every day in Gujarat quoting at Rs 965-1,152 for 20 kg.

Cotton oil gained Rs 10 due to shortage of cottonseeds. Cotton oil (wash) traded at Rs 745-748 for 20 kg, and a 15-kg new tin was Rs 1,250-1,260. About 600-700 tonnes of cotton oil were traded in Saurashtra mills.

(This article was published on August 21, 2012)
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