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Coconut oil prices decreased sharply by ₹28-30 a kg due to the sudden drop in copra prices in all markets.
“Due to decrease in coconut oil prices, oil crushers are in a quandary as they have huge stocks of coconut oil with them. Within a week’s time, coconut oil pricea dropped to ₹1,830 for a 15 kg loose packagainst ₹2,180 to ₹2,200. This fall was due to the sudden drop in copra prices in all markets,” said RM Palanisamy, a coconut oil trader.
Copra is selling at ₹8,400-8,500 a quintalagainst ₹10,300 a quintal five days ago. He said the price of palm oil also decreased to ₹5,600 a quintal and palm kernel at ₹8,600-9,000 a quintal.
Copra farmers said they have only limited stock of copra with them and for the last 15 days oil crushers in Kerala have not procured copra from Erode. Some 7,000 tonnes of copra are transported to Kerala from Erodebut in the last five days, the purchase has dipped by 40 per cent. Traders said all edible oils are declining and the trend is likely to continue till the first week of July. On Thursday, the sale of copra in various cooperatives and private markets slipped to 30 per cent due to fear that the price of coconut oil may decrease further. Some traders are expecting that the Union Government will allow the import of coconut and palm oil this year to stabilise the price.
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