Agri Business

Groundnut oil jumps to record on low supplies

Our Correspondent Rajkot | Updated on June 21, 2011

On lower availability of raw material for crushing and high demand, groundnut oil surged to a record high of Rs 1,590 for a 15 kg new tin. According to market sources, the price will not drop for the next couple of weeks as demand and supply are still wide apart.

Groundnut oil “loose” is traded on Rs 970-975 for 10 kg in Rajkot, while groundnut oil new tin ruled at Rs 1,580-1,590 for 15 kg. During June, groundnut oil tin has increased by Rs 160. The price of groundnut bold is Rs 675-760 in Rajkot and Rs 550-868 for a maund of 20 kg in Junagadh. Prices of groundnut (small) at Rajkot is Rs 575-800 and in Junagadh it is Rs 600-834. Arrivals also declined during the month. At the beginning of June about 1 lakh bags arrived in Saurashtra and Gujarat, which has come down to 60,000-65,000 bags (of 50 kg each). According to edible oil traders, demand from branded companies is strong, keeping prices firm.

“The gap between demand and supply has increased as millers are not getting enough groundnut for crushing. Most of the groundnut stock are consumed in peanut and its products,” said Mr Samir Shah, managing director of Rajmoti Oil Industry from Rajkot.

Published on June 21, 2011

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