ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Late But Larger

Deliberate Gross Underestimate Nishtar AFTER a further early retreat, the oilseeds market has staged a brisk recovery, regaining nearly half the ground lost in the more recent move which had brought down linseed April from Rs 149.25 to Rs 139, castor April from Rs 126,25 to Rs 116.50, cottonseed January from Rs 76 to Rs 68.50 (all per quintal) and groundnut oil ready from Rs 3,925 to Rs 3,580 per tonne. The weeks lows were registered on October 4, but, by October 7, linseed had recovered to Rs 144.50, castor to Rs 121.37, cottonseed to Rs 71.50 and groundnut oil to Rs 3,850. In view of the continuous decline between September 23 and October 4, technical considerations alone favoured a good rally. But sentiment was also helped greatly by reports that a further increase in vanaspati prices was imminent and that the Government of Gujarat was thinking of enhancing the groundnut oil levy (suspended since March) and of a possible ban on the movement of goods outside the State.

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