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Groundnut oil has started declining as demand of nuts has decreased and availability for crushing has increased. During the past few days, groundnut oil declined by Rs 30 a tin in Gujarat. On Tuesday it remained stable. Cotton oil also stood unchanged.
At Rajkot, groundnut loose was traded at Rs 1, 020-1, 025 for 10 kg and Rs 1, 675-1, 680 for a 15-kg new tin. Groundnut oil teliya tin 15 kg stood at Rs 1,570-1,571. About 80-100 tonnes of groundnut oil was traded in Saurashtra. In Mumbai, groundnut loose stood at Rs 1,010-1,015 for 10 kg. At Rajkot APMC, groundnut was traded at Rs 665-845 for 20 kg.
Similarly cotton oil also remained unchanged on Tuesday. It stood at Rs 1,100-1,110 for 15 kg new tin and cotton wash oil traded for Rs 632-635 for 10 kg. In Mumbai, it traded at Rs 657-660 for 10 kg. Around 500-600 tonnes of cotton oil was traded.
A Jamnagar-based miller said, “Availability of nuts for crushing has increased from last week as export demand for groundnut declined. That's why groundnut oil prices are going down and this trend will continue this week.”
A Rajkot-based oil retailer said, “Due to high prices, demand in edible oil, mainly groundnut oil is coming down. If prices go below Rs 1, 600 a tin than demand will rise again.”
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