Coconut oil prices continue to decline further with prices dropping to ₹400 a quintal both in Kerala and Tamil Nadu this week. Prices are ruling at ₹14,400 in Kerala, while in Tamil Nadu it stood at ₹13,000.
Thalath Mahmood, Director, Cochin Oil Merchants Association (COMA), attributed it to the absence of local demand as well as the sluggishness in upcountry and corporate buying. With low arrivals, he said the declining trend is likely to continue in the coming weeks. He also pointed out that corporates have managed to get ample stocks to meet their production requirements.
Copra prices too lost ₹200/quintal. The prices stood at ₹9,200 in Tamil Nadu whereas it was ₹9,800 in Kerala.
Our Erode Correspondent adds: Coconut oil lost ₹10 a kg on Wednesday at Erode. “Till Monday, price of coconut oil was at ₹2,100 for 15 kg. Suddenly on Wednesday the price decreased to ₹1,900-1,950. However, there were no buyers as they are expecting a further drop,” said RM Palanisamy, a trader.
Meanwhile, the copra price is also declining and on Wednesday it was sold at ₹9,750-10,150 a quintal and edible copra also decreased to ₹9,600.