Agri Business

Groundnut oil remains stable

Our Correspondent Rajkot | Updated on January 26, 2011

With demand at normal levels, groundnut oil price in Gujarat has been stable so far this week, while cottonseed oil ruled high on the back of high cotton prices .

At Rajkot, groundnut oil traded at Rs 1,305-1,310 for a 15-kg tin, and loose groundnut at Rs 740-745 for 10 kg on Tuesday.

Cottonseed oil wash quoted at Rs 582-585 for 10 kg, gaining Rs 5, and cottonseed oil ruled at Rs 950-955 for a 15-kg tin.

Traders said that demand for groundnut oil is normal at present and is unlikely to increase in the near term. Whereas cottonseed oil prices, they said, may increase in the coming days as cotton prices are rising.

Millers said that the raw material for groundnut oil is easily available and with the supply sufficient to meet demand, the price will remain stable this week.According to market sources, branded companies are not buying heavily in groundnut oil.

Retail buying is also limited and in the near term there is no possibility for big increases in demand.During January, groundnut oil price has come down by Rs 15 from Rs 1,320-1,325 to Rs 1,305-1,310 for a 15-kg tin. For 10 kg, it has decreased by Rs 30-35 from 780-785 to Rs 740-745.

Published on January 26, 2011

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