Heavy buying by brand-makers and stockists lifted groundnut oil to a new high of Rs 2,065 for a 15-kg tin on Tuesday. According to market sources, the start of the marriage season has pushed up demand. Cotton oil was unchanged.

A new 15-kg tin traded higher by Rs 15 at Rs 2,160-2,165. Loose oil was traded at Rs 1,295-1,300 for 10 kg and a 15-kg telia tin was at Rs 1,984-1,985. Over the last week, a 15-kg tin has gained Rs 130.

Fifty to sixty tonnes of groundnut oil from Saurashtra’s mills were traded.

While 21,000 bags arrived here, 20,000 bags arrived in Gondal and 1,100 bags in Jamnagar. Overall, 50,000-52,000 bags arrived in Gujarat.

Export demand for groundnut had created a shortage of nuts, pushing up prices of the oil, said a Gondal-based miller. However, rise in prices will be capped, as processors of hand-picked-and-selected nuts return to markets in the wake of rising export demand, the miller added.

A new 15-kg tin of cotton oil was unchanged at Rs 1,170-1,180 and cotton oil (wash) was down Rs 5 to Rs 665-668 for 10 kg. About 200-250 tonnes of the oil were traded here.

(This article was published on November 27, 2012)
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