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Coconut oil prices pared some of their losses this week on shortage of copra in Erode.
“Coconut oil prices decreased by ₹200 to ₹2,100 on Monday but rose ₹50 on Tuesday and another ₹50 on Wednesday. This price is artificial and will come down certainly,” said RM Palanisamy, a coconut oil dealer.
Currently, copra stocks with the farmers in Erode have been exhausted. So, stocks are coming from Kerala and Karnataka. At least 1,200 tonnes of coconuts are arriving from other States in Erode daily. Drought in Tamil Nadu has resulted in \withering of coconut trees. Coconut oil crushers said that though prices of coconut oil have touched ₹150 a kg in the wholesale market, there is no sale of coconut oil. In Kerala, crushers are buying the copra from Tamil Nadu. But coconut oil prices in Kerala are low as there is no VAT or CST. In Tamil Nadu, crushers have to pay five per cent sales tax and two per cent CSTon coconut oil. The oil crushers pleaded the Tamil Nadu Government to abolish sales tax for edible oils, especially coconut oil.
Palm oil is selling at ₹6,100 a quintal and palm kernel at ₹9,200 a quintal. Coconut oil is selling at ₹15,000 a quintal. As a result, many biscuit firms are using palm kernel and others have switched to palm oil for cooking.
Similarly, copra is available at ₹10,200 a quintal and fine copra is fetching ₹11,000 a quintal.
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