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Shortage of groundnuts pushed up groundnut oil prices on Monday by Rs 25 a tin to Rs 1,470-1,475 from Rs 1,445-1,450 on Saturday.
In Rajkot, loose groundnut oil traded at Rs 880-885 for 10 kg. In the past few days, it has gone up by Rs 25-30 for 10 kg. Price of a 15-kg new tin increased to Rs 1,470-1,475 a tin from Rs 1,445-1,450. A 15-litre tin was traded at Rs 1,345-1,350. However, cotton oil gained nominally by Rs 5 at Rs 1,060-1,070 for 15-kg new tin.
About 50,000-60,000 bags of 40 kg are arriving daily in Gujarat. Groundnut (bold) fetched Rs 500-702 and small Rs 665-815 for 20 kg. Groundnut seed was at Rs 850-987 for 20 kg.
A Rajkot-based miller said groundnut oil may soon touch Rs 1,500 a tin soon as demand from brands, stockists and retail consumers increases. According to market sources, at present export demand for groundnuts is high. Export demand for China, Taiwan and Indonesia are huge. Exports to the Philippines and some other European countries have also picked up. It is being used for both direct consumption and for crushing in Indonesia.
In Andhra Pradesh, the TMV-2 variety ruled over Rs 2,750 a quintal in most markets. Prices compared with Saturday were firm.
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