Commodities

Groundnut oil firm on lack of demand

Our Correspondent Rajkot | Updated on March 09, 2011 Published on March 09, 2011

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Groundnut and cotton seed oils remained unchanged on Wednesday because of lacklustre demand.

In Rajkot, loose groundnut oil was traded at Rs 735-740 for 10 kg, while a tin of 15 kg quoted Rs 1,275-1,280. It has remained stable for a week now.

Cotton seed oil also ruled firm on Wednesday. Cotton seed oil for 10 kg fetched Rs 565-570, and the 15-kg tin ruled at Rs 1,000-1,010.

About eight to 10 tankers of groundnut were traded and 15-20 of cotton seed oil (A tanker weighs 10 tonnes.).

weak global market

According to traders, brands were buying within requirements, and edible oil saw little movement.

Moreover, weaker international market also affected demand in the local market.

In Saurashtra, around 30,000-35,000 bags of groundnut arrived priced at Rs 480-635 for bold, for 20 kg, and the smaller version was traded at Rs 550-650 for 20 kg.

According to the Department of Agriculture, sowing of summer groundnut crop has increased 50 per cent to 71,110 hectares in the Saurashtra and Kutch region.

Published on March 09, 2011
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