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Lack of retail and stockist demand dragged groundnut oil. Expectations of an increase in supplies of groundnuts has aided the decline during the last week.
Groundnut oil was down Rs 15 at Rs 1,530-1,535 for a 15-kg new tin while loose (10 kg) sold at Rs 840-845 in Saurashtra. Fifty to seventy tonnes of groundnut oil were traded.
Cotton oil sold at Rs 1,055-1,065 for 15 kg and 150-200 tonnes were traded.
Millers expect prices to come down after the new crop of nuts arrives.
Demand for groundnut oil and cotton oil is nominal now but festivals will lift it in mid-October, a Rajkot-based retailer said.According to Department Of Agriculture's data, 1.43 million hectares were sown as on September 12 in Gujarat, down from 1.67 million hectares in year-ago perod. Sowing on September 15 stands at 4.32 million hectares in the country, down 6 per cent from 4.93 million hectares last year.
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