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Prices of groundnut and cotton oils fell as festival demand dropped.In Rajkot, both the edible oils declined by Rs 5 a tin.
Groundnut oil for 10 kg traded at Rs 660-665, for a 15-kg new tin decreased by Rs 5 to Rs 1,315-1,320 and for a 15-kg label tin quoted Rs 1,295-1,300.
Price of cotton oil also reduced by Rs 5 a tin as demand has come down. Cotton (wash) stood at Rs 567-579 for 10 kg, cotton oil 15-kg tin price was Rs 985-995 and a 15-litre tin price was Rs 930-935.
According to traders, groundnut oil had increased almost Rs 50 a tin in the last four days because of Holi demand. Now with the festival demand over, prices are coming down. In the coming days, both groundnut and cotton oils will drop further.
The Solvent Extractors' Association of India has estimated 17.40 lakh tonnes of groundnut production in the rabi season, down from 18.3 lakh tonnes of last year. The association said groundnut sowing area has declined by 78,000 hectares to 9.89 lakh hectares from 10.67 lakh hectares previous year.
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