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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.
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