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Designated agencies such as Kerafed and Marketfed have been authorised by the Kerala Government to procure copra during the 2012 season.
Copra prices dropped below the minimum support price of Rs 5,100 a quintal to Rs 4,500 a quintal in Kerala markets on Tuesday. Prices were quoting even lower in Tamil Nadu.
With widespread procurement expected to commence, further fall in copra prices are expected to be arrested and prices could recover to the Rs 5,100 a quintal levels shortly, sources in the trade said.
The move is also expected to benefit coconut farmers directly.
Reports indicate that coconut production across all major producing countries this year is expected to be lower, the Coconut Development Board said.
Increased coconut production in the first half is expected to be followed by a decrease in the second half in the major coconut producing south Indian States.
As more farmers and their cooperatives approach the designated agencies for procurement of copra, prices are expected to recover and grow beyond the minimum support price levels.
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