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Coconut oil prices dropped on Tuesday as buyers stayed on the sidelines to put pressure on the market.
For the past three or four days the price of coconut oil is fluctuating. It was sold at ₹2,350 for 15-kg loose pack on Monday, but fell on Tuesday by ₹30. There are over 500 crushing mills in and around Erode.
But only 20 are functioning now and crushing limited quantity of copra due to poor sales. Meanwhile, the use of palm oil and sunflower oil in Kerala has increased as they are cheaper than coconut oil. Palm oil is available at ₹4,700 a quintal and sunflower oil at ₹6,200. Copra stocks are declining with farmers and only 120 tonnes of copra being sold last week.
It fetched a higher price of ₹10,750. Many farmers have started importing coconut from Andhra Pradesh and Karnataka. Three hundred tonnes of coconuts arrived to Erode, Tirupur and Coimbatore districts for converting them into copra.
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