Coconut oil market is witnessing a slight selling trend on the revival of Tamil Nadu markets after Pongal Holidays.

Prakash B.Rao, Vice President, Cochin Oil Merchants Association (COMA) said that the market is ruling at Rs 68 per kg in Tamil Nadu (Rs 69) while it is remaining flat at Rs 71 in Kerala quoted last week.

Despite the news of imposing 2.5 per cent duty on imported edible oil by the Government, Rao said it has not made any impact on the coconut oil market both in Kerala and Tamil Nadu.

The coconut oil sale in North India has been dropped due to severe cold wave lashing in various parts of the country, keeping away buyers and corporates from the market, he added.

However, the copra prices have declined by Rs 100 to touch Rs 4,900 per quintal in Kerala (Rs 5000) terminal markets whereas in Tamil Nadu it remained at the same level of Rs 4,800 per quintal quoted last week. Millers are getting fair average quality of copra from local farmers at this price level in Tamil Nadu markets, he said.

Palm oil prices are ruling steady at Rs 52 per kg quoted last week and palm kernel oil prices at Rs 54, which is more or less steady in the last two weeks.

Thalath Mahamood, former President, COMA ruled out any sudden drop in coconut oil prices as copra prices are steady due to tight supply both in Kerala and Tamil Nadu markets. The market is witnessing a steady trend, he said adding, that low prices of other edible oils are a concern for the market.

Bharat N.Khona, former Board Member, COMA said that the market is ruling steady and the demand has declined at these higher prices. Corporates and upcountry buyers are abstaining from the market as other imported oils are cheaper.

Related Topics