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On the back of lower demand, groundnut oil declined in the retail market. However, it remained unchanged in the wholesale market, while cottonseed oil moved up due to festival demand.
According to a Rajkot-based edible oil retailer, demand in groundnut oil has declined since last week as prices suddenly spurted more than Rs 150 a tin thrice last week. Hence, most people shifted to cottonseed oil and other edible oils and demand for cottonoil was good.
Groundnut oil new tin for 15 kg was down by Rs 10 to Rs 1,895-1,900.
Telia tin stood at Rs 1,715-1,716 . Loose groundnut oil was traded at Rs 1,115-1,120 for 10 kg. About 80-100 tonnes of groundnut oil were traded from Saurashtra’s mills.
Cotton oil wash increased by Rs 5 to Rs 637-640 for 10 kg and cotton oil new tin was at Rs 1,110-1,120 for 15 kg.
A Gondal-based miller said, “High price of groundnut oil shifted people to other edible oils during last two years. Moreover, due to speculation in prices, there is an absence of bulk buying by stockists.”
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