Copra prices witnessed a steep decline on Friday due to heavy arrivals. After two months, arrivals increased at the Avalpoondurai Regulated Market Committee, but prices were down despite encouraging sales.
“Oil crushers are having ample stock of copra with them and they are producing limited quantity of coconut oil due to poor demand and lower price. This reflected in lower prices being offered for copra,” said the market authorities.
They said that in the international coconut oil market, prices are in a downward spiral and also the oil crushers are having huge stock of coconut oil with them. They are buying copra for cheaper price. They quoted Rs 4,250-4,460 a quintal for the best quality copra. This is Rs 75 lower than last week’s price.
Similarly, the second quality decreased by Rs 110 a quintal and was selling at Rs 3,615-4,265.
Coconut oil dealers said that the present procurement price of copra is viable for them and they will crush and stock them. Sales, however, will improve only after two or three months. Copra farmers said that they are having huge stocks with them, so they sold their produce at a lower price.