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Groundnut oil and cotton oil ruled stable on strong demand from stockists and brands.
At Rajkot, Gujarat, groundnut oil was traded at Rs 1,540-1,545 for the 15-kg new tin. Groundnut “loose” remained unchanged at Rs 940 for 10 kg. Similarly cotton oil ruled firm at Rs 1,075-1,085 for the 15-kg new tin.
About 150-200 tonnes of groundnut oil were traded and 300-350 tonnes in cotton oil. About 50,000-60,000 bags groundnut arrives every day in Saurashtra and other parts of Gujarat.
Groundnut prices are also one of the factors for price-rise in oil. Groundnut bold was traded at Rs 625-791 for a maund of 20 kg and groundnut small was quoted at Rs 551-765 at the Rajkot Agricultural Produce Marketing Committee. Groundnut seed prices have also increased on demand from farmers for sowing. It was traded at Rs 945-1,080 for 20 kg.
A Rajkot-based retailer said, “Retail demand is very nominal as the price is too high; buyers are looking for a fall.”
According to millers, demand from brands and stockists are making edible oils strong.
According to the estimates provided by the Indian Oilseeds and Produce Export Promotion Council (IOPEPC), the summer groundnut production in Gujarat would remain at around 2,71,000 tonnes against 1,29,000 tonnes last year, showing an impressive growth of 110 per cent. Kharif groundnut production is also predicted to be higher by around 1.8-2.0 million tonnes.
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