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Coconut oil prices zoomed Rs 90 on Friday on the back of short supply of copra.
“The price of coconut oil has touched Rs 1,070 for 15-kg loose pack on Friday, which is Rs 90 higher than last week price and everyone is expecting the price to go up further within couple of days. Such increase is due to the shortage of copra availability because of the rains in Kerala and some parts of Tamil Nadu,” said R.M. Palanisamy, Coconut oil trader of Erode.
He said that still the price of palm kernel, which is the main competitor for the coconut oil, remains lower than the coconut oil, selling at Rs 850 a quintal. On Friday, at Avalpoondurai RMC auction, 1,150 quintals of copra (3,300 bags) arrived for sale and all the quantity were sold for higher price. Because of the competition among the buyers, the fine variety copra gained Rs 290 a quintal and the second variety Rs 335. Because of such increase, the copra farmers were happy and said that they are expecting more price for their produce by next week.
At the Avalpoondurai RMC the first grade copra was sold at Rs 4,890-5,035, second grade Rs 4,765-4,965. All the 1,150 quintals were sold.
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