Prices of copra and coconut oil decreased following heavy arrivals of coconut from Kerala and Andhra Pradesh.
“The price of coconut oil dropped to ₹1,840 for 15 kg loose pack (₹123/kg), but sales were low. Many people are patronising palm oil, which is available at ₹65 a kg. Kerala traders are buying coconut oil from some crushing mills in Kangeyam selling at ₹150 a kg in Kerala,”said R M Palanisamy, a coconut oil trader.
The current price will drop further. With heavy loads of coconuts from Kerala and Andhra Pradesh arriving in Erode district, farmers are busy converting them to copra. By next month, copra prices are expected to drop sharply.
Currently, copra is available at ₹8,500-8,700 a quintal in the open market against ₹9,200 five days ago. Most of the copra was procured by Kerala coconut oil crushers.
Palanisamy said in Kerala, coconuts are available but there is no provision to convert them into copra.
At the Avalpoondurai Regulated Market Committee, 50 tonnes of copra were sold at ₹8,500-8,700 a quintal of first grade copra and the second grade was sold at ₹6,365-8,475.