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Groundnut oil price increased by Rs 15 a tin as shortage of raw material interrupted supplies. Demand from stockists and brands lifted the price.
In Rajkot, groundnut oil was traded at Rs 1,375-1,380 for a 15-kg tin, a gain of Rs 15. Loose groundnut oil increased Rs 10 to Rs 805-810 for 10 kg. In Mumbai, groundnut oil firmed up by Rs 10 for 10 kg to Rs 800 from last Saturday's closing of Rs 790.
However, cotton oil remain stable at Rs 1,000-1,010 for a 15-kg new tin in Rajkot, and cotton oil (wash) was decreased slightly by Rs 2 to Rs 577-580 for 10 kg.
About 30,000 bags of 55 kg each of groundnuts have arrived in Saurashtra in the last two days. Price of small groundnut was Rs 550-650 and bold was traded at Rs 585-660 for 20 kg.
According to market sources, groundnut oil price has increased as arrival of groundnut stopped because of markets remaining closed for year-ending.
A Rajkot-based miller said, “Brands and stockists are buying, but groundnut stocks are inadequate pushing up price of the oil. This trend will continue in the coming days.”
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