Commodities

Groundnut oil lacklustre on slack buying

| | Updated on: May 03, 2011
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Due to lower demand groundnut and cotton oil price remained unchanged at the main centres of Gujarat.

In Rajkot groundnut oil was traded at Rs 1,395-1,400 for 15-kg new tin, while label tin ruled on Rs 1,375-1,380 and groundnut loose for 10 kg ruled at Rs 825-830.

Similar trend was seen in cotton oil.

Price of cotton oil for 15-kg new tin was Rs 990-1,000 and cotton wash stabled at Rs 577-580 for 10 kg.

About 50-70 tonnes groundnut oil was traded and 350-400 tonnes traded in cotton oil.

Traders said, “Retailers are looking for some slide in price so that their buying is limited.”

New summer crop of groundnut is about to hit the market and it will pressurise groundnut oil price in coming days.

According to APMC sources, summer groundnut crop will arrive within 10 to 15 days.

According to a miller from Rajkot, brands and stockists demand will come only after price decreases.

Moreover summer groundnut production is expected to be higher by 20 per cent this year.

However price will not go below Rs 1,200 a tin in near future.

Published on May 03, 2011

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