Following a drop in demand, groundnut oil and cotton oil decreased on Tuesday. Higher inventories in mills also put pressure on these oils.
Groundnut oil loose declined Rs 5 to Rs 735-740 for 10 kg, telia tin was down by Rs 8 at Rs 1,150-1,151 for 15 kg. With demand being normal in retail market, groundnut oil new tin remained unchanged at Rs 1,370-1,375. Some 5-7 tankers of groundnut oil were traded against previous day’s 8-10 tankers.
Similarly, cotton oil wash lost Rs 8 to Rs 587-590 for 10 kg in Rajkot. About 15-20 tankers of cotton oil were traded in Saurashtra mills.
According to traders, groundnut oil may decrease further in this week as there is no hope for gain in demand.