Commodities

Restricted offtake holds groundnut oil steady

Our Correspondent Rajkot | Updated on October 30, 2012 Published on October 30, 2012

BL31_COM2_GROUNDNUT

With limited buying, groundnut oil ruled steady while cotton seed oil continued to firm on festival demand.

Groundnut oil loose was traded at Rs 1,145-1,150 for 10 kg. Groundnut oil for 15 kg new tin was stood at Rs 1,930-1,935 and telia tin price was quoted at Rs 1,760-1,761 . About 50-70 tonnes of groundnut oil were traded in Saurashtra’s mills.

On the other hand, cotton seed oil was increased by Rs 10 for 15 kg to Rs 1,175-1,185 and cotton oil wash gained Rs 5 to Rs 690-695 for 10 kg. About 450-500 tonnes of cotton oil were traded on Tuesday.

A Rajkot-based miller said, “Demand in groundnut oil was very limited as price is high. Moreover, mills have not enough stock of groundnut for crushing as farmers are holding back crop expecting higher prices in future as crop output is lower this year.”

Around 25,000-30,000 bags of groundnut arrived from Rajasthan which was traded at Rs 5,500 a quintal.

The Solvent Extractors Association of India estimated only 6,95,000 tonnes of groundnut production in Gujarat for this year compared to 1,735,000 tonnes in 2011-12, which shows a major dip of nearly 60 per cent.

Published on October 30, 2012
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