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Cotton oil touched a new high at Rs 1,100-1,110 for 15-kg new tin despite a marginal rise in demand. Cotton wash oil ruled at Rs 640-643 for 10 kg.
Groundnut oil too was at a record Rs 1,750 a tin. In Gujarat, on Tuesday, groundnut oil new tin was increased Rs 25 to Rs 1,720-1,725 for 15-kg. Telia tin was traded at Rs 1,607-1,608 for 15-kg tin and the price of loose groundnut oil for 10-kg increased Rs 25 to rule at Rs 1,045-1,050.
Mill delivery groundnut price has stood at Rs 850-860 per 20 kg and G-20 quality groundnut ruled at Rs 820-830. About 5,000-6,000 bags of groundnut arrived in Saurashtra.
A Rajkot-based oil miller said: “There is a huge scarcity of groundnut for crushing. In this condition many mills has closed their units since the past few months.”
At present there are hardly 10-12 groundnut oil mills working out of the 500 located in the Saurashtra area which produces about 50-70 tonnes of groundnut oil a day.
Even the upcoming festival season looms large for traders as the demand has been steadily dipping.
A Rajkot-based groundnut retailer said, “Even with the oncoming festival season, the demand is very poor due to high prices. Moreover, with the price hike many users have now switched over to cotton oil as groundnut oil is not viable for them.”
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