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The Cochin Oil Merchants Association (COMA) is expecting a downward trend in coconut oil prices, after the commodity touched record prices, in Tamil Nadu and Kerala within a couple of months. This is because of the dwindling demand for edible copra and raw coconuts from Pakistan as well as shifting of consumer preference to other oils. The neighbouring country is taking bulk quantity of edible copra and raw nuts especially from Tamil Nadu markets, Thalath Mahmood, Director, COMA, said.
He pointed out that the present local demand in Kerala was due to Onam and this will come down after the festival. “The market is ruling steady this week with prices ruling at ₹16,500 a quintal in Kerala and ₹15,800 in Tamil Nadu. However, there was a drop of ₹100/quintal in both States in the last two days,” he said. Copra shortage, he said, is a main worry for traders with prices quoting at ₹11,500 a quintal in Kerala and ₹11,200 in Tamil Nadu. According to him, copra prices are also expected to come down by November-December.
Bharat Khona, former Board Member of COMA, was also of the view that the speculative trend in the market started reeling down due to the absence of an upcountry demand. This is evident from the rates of loose oil market in Tamil Nadu which stood at ₹2,320 for 15-kg pack from ₹2,500 last week, he said.
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