Coconut oil prices are likely to appreciate only in the middle of July once the demand for coconut oil picks up in international market. R.M. Palanisamy, a coconut oil trader said, “Coconut oil is selling at Rs 870-875 for 15-kg loose pack.
This price has been ruling at this level for long. Now demand for the coconut oil in global market has dropped and we expect the price to increase only from the middle of July.
Prices may decrease further, but will not appreciate till then.”
Arrival of copra has decreased to 724 quintals against 1,200 during last week.
Only oil crushers from Tamil Nadu attended the sale and purchased at the Avalpoondurai Regulated Market Committee on Friday.
This week also, no buyer from Kerala attended the sale. “Though we brought fine quality copra, we were disappointed as the price has decreased by Rs 100 a quintal.”
On Friday, the first grade copra was sold at Rs 4,115-4,325, second grade at Rs 3,545-4,195. All the 724 quintals were sold.