Copra prices increased by over Rs 2 a kg in view of the monsoon setting in over Kerala.
Copra auctioned by the Avalpoondurai Regulated Marketing Committee fetched a higher price and sales were encouraging.
Market authorities said 295 tonnes of copra arrived for sale from all over Tamil Nadu, mainly from Pollachi, Palladam, Senjerimalai, Erode, Salem, Dharmapuri and Krishnagiri districts. The entire quantity was sold. The fine variety copra fetched Rs 38.58 a kg and the second variety Rs 35.85. This is Rs 1.85 more than last week's price.
Copra was sold at Rs 37.30 a quintal at Perundurai Cooperative Marketing Society on Thursday.
Mr R.M. Palanisamy, a coconut oil trader said: “For the past two weeks the copra price has increased and in villages almost all coconut farmers are having a good stock of coconuts. They will be busy in the next few days, cutting down coconuts and converting them into copra”.
He said that due to the onset of South-West Monsoon in Kerala, copra buyers did not attend auctions.
A few coconut farmers from Karnataka and other parts of Tamil Nadu brought their produce to copra dealers and to those engaged in producing copra.
Mr Palanisamy said: “All edible oils are now selling at a lower price. Coconut oil is selling at Rs 55.30 a kg against Rs 60 of palmolein oil. The price of coconut remains almost the same, at Rs 830-840 for 15 kg loose pack for the past few weeks”. Copra and coconut oil prices will go up in the first week of August, he said.
He said that huge stocks of coconut will be exported to North India from July 15 as the festive season in North commences, and coconut sales will be very high for the next three months, he said. Mr Palanisamy said that the devaluation the rupee against the dollar also caused loss to the coconut oil exporters. So they have reduced coconut oil exports. He said that exports will look up intwo months.
Coconut oil crushers said that they are buying limited quantities due to slump in coconut oil price. Meanwhile, the TANFED procured 50 tonnes of copra at Rs 51 a quintal on Thursday. Only very fine variety was procured by TANFED.