Commodities

Poor demand crushes groundnut oil

Our Correspondent Rajkot | Updated on March 01, 2011

BL02_COM2_GROUNDNUT

Even after a cut in prices of groundnut oil, buyers are still keeping away from the market. Both groundnut and cotton oil, however, ruled stable.

At Rajkot and Saurashtra, groundnut oil was traded at Rs 1,275-1,280 for 15-kg new tin, label-tin 15-kg price was Rs 1,255-1,260; new tin 15-litre was Rs 1,170-1,175 on Tuesday. Loose groundnut price was at Rs 740-745 for 10 kg. About 10 tankers of 10 tonnes groundnut oil was traded.

Cottonseed oil was traded at Rs 1,000-1,010 for 15-kg new tin; washed cottonseed oil price was Rs 572-575 for 10 kg. Around 20 tankers were traded.

A broker from Rajkot said: “Currently, the market is depending on retail buyers only. Stockists and branded companies' demand is not there. They are looking for further fall in prices.”

In the last 15-20 days, groundnut oil price has decreased by Rs 25-30 a tin. According to market sources, raw material availability also pressurised the price and there is no possibility for price rise in days that follow.

About 35,000-40,000 bags of 50-kg groundnut arrived in Saurashtra region and price was Rs 545-639 for small and Rs 470-621 for bold for 20 kg.

Published on March 01, 2011

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