Coconut oil prices declined on Thursday on poor sales in Erode markets but they continue to rule firm around ₹2,200 for 10 kg.

“Artificially increased prices of coconut oil dropped ₹10/kg to ₹2,200 for 15-kg loose pack (₹147/kg wholesale price). But sale was poor and only a few buyers from North India purchased limited stocks,” said RM Palanisamy, a coconut oil dealer of Erode. Prices are expected to decrease further.

He said most of the oil mills are having adequate stock of coconut oil and sold little quantity . Some oil crushers say that the price of the coconut oil may increase again.

Copra stocks with farmers have increased. Many farmers purchased hundreds of coconuts, converted them into copra, sold them in Regulated Market Committees and private markets. In the Regulated Market Committees, it was sold at ₹10,300 a quintal, while in open market it was sold at ₹10,800.

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