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Falling prices of coconut oil pulled down copra by Rs 200 a quintal even as the latter’s arrivals fell to 2,900 quintals on Friday.
“Oil crushers are hesitating to purchase more quantity,” said Dhandapani, Superintendent, Avalpoondurai Regulated Marketing Committee.
He said 2,900 quintals (5,800 bags) arrived for sales and all were sold within few hours. The first grade copra was sold at Rs 3,965-4,055 a quintal down Rs 200 a quintal from last week. The second grade was sold at Rs 3,350-3,725 a quintal. He said for the past one month prices of copra have been declining in Tamil Nadu. He added that stockists are holding on to huge stocks expecting prices to increase.
R.M. Palanisamy, a coconut oil trader, said that loose coconut oil remained at Rs 845-850 for a 15-kg pack. It has been fluctuating by Rs 5-10 due to poor international price.
He said some oil crushers have not been able to fix a price due to these fluctuations. Crushers said cheaper, stable palm oil has also hurt demand. This year copra production is high and demand for coconut oil is low. Palanisamy said he was hopeful coconut oil will go up between October-end and November first week, lifting copra also. Till then copra will not fetch above Rs 4,000 a quintal.
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