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Copra prices increased on Friday as arrivals dropped sharply in Erode’s Avalpoondarai market. Coconut oil prices also increased along with it.
“Coconut oil prices touched Rs 1,400 for a 15-kg loose pack due to shortage of copra. But prices may not sustain for long and could drop.
Buyers are cautious and buying limited stocks,” said R.M. Palanisamy, a trader in Erode.
Globally, palm oil and palm kernel are selling at Rs 60-65 a kg.
Many biscuit manufacturers are buying the palm group of oils, while reducing the purchase of coconut oil.
Coconut oil manufacturers hold reasonable inventories, awaiting buyers.
In the open market, the price of copra has increased to Rs 6,800-7,200 a quintal.
But available stocks are limited.
Nallasamy, a farmer, said: “Due to a prolonged dry period till June, the production of copra has dropped drastically this year. Current prices are not feasible for us.”
But farmers are unable to hold back stocks and are selling at the prevailing price.
At the Avalpoondurai Regulated Market Committee, one of the biggest copra market in the country, arrivals of copra decreased sharply, resulting in prices increasing by Rs 200 a quintal.
On Friday, 48.8 tonnes of copra arrived for sale against the 120 tonnes quintal during the previous sale.
The drop is attributed to non-availability of copra with farmers.
Copra fetched Rs 6,375-6,765 a quintal for the first grade and Rs 4,665-6,385 for the second grade.
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