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Too Erratic

TRADING in groundnut oil last week continued to be characterised by wide swings in prices. The spot quotation moved between Rs 5,500 and Rs 4,850, and Tuesday's closing rate of Rs 4,950 showed a net gain of Rs 100 a tonne over the week. This provides little in-dication of the extremely erratic be-haviour of oil. Even if one were to ignore all the movements over a single day, the average range of daily fluctua-tions would still work out to around Rs 250 per tonne. These fluctuations have nothing to do with groundnut crop estimates. Day-to-day fluctua-tions have been guided solely by the flow of arrivals in relation to outstand-ing business negotiated much earlier on a fixed delivery basis. Inquiries with market men indicate that, fairly large business had been put through for late September and mid-October positions on expectations of early movement of the crop. These calcu-lations have been upset by the pro-longed monsoon which is still lingering in some of the groundnut producing areas.

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