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Coconut oil prices were flat with drop in sales on the heels of millers holding inventories.
“Almost all the crushers are having huge stock of copra and also coconut oil with them. Most of the buyers prefer the palm kernel which is available at Rs 850 and below for a 15-kg loose pack, whereas the coconut oil is selling at Rs 960,” said R.M. Palanisamy, a coconut oil trader.
He said that in global market, the movement of coconut oil is very low and many industries and food item manufacturing firms are now patronising the palm kernel oil. Meanwhile, at the Regulated Market Committee (RMC), Avalpoondurai, the first grade copra was sold at Rs 4,465-4,715 a quintal, which is Rs 90 more than last week price. Second grade was sold at Rs 3,815-4,575. All the 1,250 quintals (2,500 bags) of copra have been sold. The arrival has increased by 250 quintals this week.
RMC officials said next week more copra will arrive for sale.
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