Commodities

Groundnut oil tops Rs 1,600/15 kg

Our Correspondent Rajkot | Updated on July 04, 2011

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Groundnut oil crossed the Rs 1,600-mark for a tin of 15 kg on Monday on higher demand and speculation. A drop in supplies of groundnuts aided the trend. Cotton oil remained unchanged.

Groundnut oil sold at Rs 1,605-1,610 for a tin of 15 kg, up Rs 30 a tin. In the past two days, it has gained Rs 50 a tin. Loose groundnut oil increased by Rs 20 to Rs 955-960 for 10 kg. A labelled tin of 15 kg increased by Rs 30 to Rs 1,585-1,590. Forty thousand to 50,000 bags of 40 kg each of groundnut at agricultural produce marketing committees in Gujarat. Groundnut (bold) fetched Rs 670-825 and the small variety Rs 623-890 for 20 kg in Rajkot. The bold variety sold at Rs 550-883 for 20 kg and small at Rs 500-825 for 20 kg in Junagadh.

Cotton oil was traded at Rs 1,020-1,025 for a tin of 15 litres. Cotton (wash) oil remained stable at Rs 635-638 for 10 kg.

A Rajkot-based miller said prices reached a record high because of a shortage of groundnuts for crushing. Though output during summer was good, exporters and local producers consumed most of it, he said.Millers expect prices to rise further because of the shortage.

Published on July 04, 2011

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