Coconut oil prices edged lower at Erode markets on Wednesday although sales were limited.
“Coconut oil prices decreased by ₹1/kg. Many oil crushers have ample stock of coconut oil and are selling at ₹2,130-50 for 15-kg loose pack. But buyers kept away. Copra farmers after getting 1,000 tonnes of coconut from Kerala and Karnataka are converting them into copra and selling at ₹10,500 a quintal. Most of the quantity is being procured by the Kerala coconut oil crushers, remaining by the local crushers,” said RM Palanisamy, a coconut oil dealer.
Stockists have started buying stocks as they expect copra price to touch ₹12,000-13,000 a quintal. Similarly, the coconut oilmeal– a by-product of copra crushing – also fetched higher prices. It was sold at ₹1,400 for a 60 kg bag.
On Wednesday alone, 1,000 tonnes of copra were sold in Perundurai, Sivagiri, Elumathur, Gobichettipalayam and Kodumudi areas in Erode district, through the cooperative marketing societies and private persons.