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Prices of groundnut oil rose in Gujarat as supplies fell. Markets were closed for the financial year-ending. Cottonseed oil price, though, remained stable.
Groundnut oil for 10 kg loose increased by Rs 10 to Rs 765-770, for a new tin of 15 kg traded at Rs 1,320-1,325 and for a telia tin increased Rs 15 to Rs 1,188-1,189 a tin. Cotton oil (wash) price was at Rs 560-563 for 10 kg. Cotton oil for new tin of 15 litre traded at Rs 925-930 in Rajkot.
A Rajkot-based trader said: “Retail demand is driving the market. Brands are not buying in big amounts. Price of groundnut oil will come down next week when all agriculture produce market committees open.”
According to Solvent Extractors' Association of India, rabi groundnut production is expected at 17.4 lakh tonnes, down by 90,000 tonnes compared to last year's 18.3 lakh tonnes. According to data on the Agriculture Department's Web site, sowing area of groundnut has covered 10.03 lakh hectares so far, against 10.76 lakh hectares last year.
However, in Gujarat, the association expects production to rise to 2.3 lakh tonnes from 2.2 lakh tonnes last year.
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