Copra and coconut oil prices dropped sharply at the auctions in Erode district in line with the bearish global trend.
Only a limited number of oil crushers took part in the auction during the weekend. Though they purchased all the offerings, they quoted a lower price, as coconut oil price has decreased.
R.M. Palanisamy, a coconut oil trade r, said palm oil price has decreased and it reflected in the coconut oil price also.
A 15 kg loose pack of the coconut oil was sold at Rs 870, Rs 2-2.50 lower than the last week price.
He said till the arrival of new copra the price of coconut oil will remain the same and there is no possibility of coconut oil price increasing in the next two months.
He said that all oil crushers have ample stock of copra with them and also, farmers are holding copra stocks with them.
On Monday, copra was sold at Rs 4,375-4,400 a quintal. But only 75 quintals arrived and they were sold.