Commodities

Groundnut oil stable despite supply squeeze

Our Correspondent Rajkot | Updated on October 12, 2011

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Groundnut oil remained unchanged despite poor supplies. Cotton oil, too, ruled stable.

A 15-kg new tin of groundnut oil traded at Rs 1,550-1,555, a 15-litre new tin at Rs 1,420-1,425 and loose (10 kg) at Rs 895-900. Fifty to sixty tonnes of groundnut oil were traded.

Cotton oil (wash) sold at Rs 605-608 for 10 kg and a new 15-kg tin of cotton oil at Rs 1,055-1,060. Five to six hundred tonnes of cotton oil traded.

Festival buying will lift demand after eight to ten days, said a Rajkot-based retailer.

Supplies have been hit as most mills will remain closed until Diwali, said market sources.

A trade body survey expects groundnut output to be close to that of last year — 4.1 million tonnes — despite lower acreage because of good rain and early sowing, especially in Gujarat.

Published on October 11, 2011

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