Copra and coconut oil prices increased in Tamil Nadu following poor arrivals this week.
“Coconut oil price has increased to Rs 1,170 for 15 kg loose pack (Rs 78 a kg). This is due to the demand for the coconut oil. Next week, the traders are expecting further increase,” said R.M. Palanisamy, a coconut oil trader.
He said that prices in the international Market have increased. However, the price of palm kernel rules below Rs 60 a kg.
As a result, biscuit firms are patronising palm kernel oil.
Almost all the coconut oil crushers have ample stocks to meet the demand, but copra farmers having limited stocks.
Kerala coconut oil producers have also started buying copra from the Avalpoondurai and other markets in Erode district.
Copra arrivals at the Avalpoondurai Regulated Market Committee sales decreased this week.
Only 755 quintals (1,510 bags) arrived for sale, and traders higher price. Hectic competition was seen in the sale to garner stocks.
Buyers said that they are expecting the price of coconut oil to go up, so they are buying copra.
At Avalpoondurai RMC on Friday, the first grade copra was sold at Rs 5,525 -5,835 a quintal, second grade at Rs 4,735-5,425.
The first grade copra increased by Rs 150 and second grade by Rs 110.
All the 755 quintals of copra on offer were sold.
At Gobichettipalayam, only 210 quintal of copra arrived. This is 100 quintal lower than last week.
Copra was sold at Rs 5,264-5,744 a quintal, up Rs 110 over last week.