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On the back of weak demand, groundnut oil prices declined by Rs 5-10 at Rajkot on Tuesday. Loose groundnut oil was traded lower by Rs 5 to Rs 1,245-1,250 for 10 kg while groundnut oil for the 15-kg new tin was declined Rs 10 to Rs 2,085-2,090. Teliya tin was traded on Rs 1,909-1,910 per 15 kg. It was quoted at Rs 1,210 per 10 kg in Mumbai.
Cotton oil fell Rs 7 to Rs 717-720 for 10 kg and cotton oil “new tin” dropped by Rs 5 to Rs 1,225-1,235 for the 15 kg. About 150-200 tonnes of cotton oil were traded at Saurashtra mills.
According to Rajkot-based miller, groundnut oil traded lower in Rajkot on Tuesday due to lower demand and selling by an exporter.
A Keshod-based exporter sold groundnut oil meant for export in small packs to China anticipating a government-imposed ban on export in small packages.
In Gujarat, which accounts for the major part of groundnut production, sowing is at 25 per cent: 400,000 hectares against 650,000 hectares at this time last year.
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