Coconut oil prices declined on lack of demand with competing products such as palm kernel and palm oil ruling lower. . R.M. Palanisamy, a coconut oil trader, said, “The price of the coconut oil decreased by Rs 90 for 15 kg loose pack for want of demand Oil crushers are having huge stock with them and the prevailing current prices of Rs 1,310 for 15-kg loose pack will continue for some more weeks.”
He also said that the palm kernel and palm oil prices are selling between Rs 60 and Rs 70 a kg and many biscuit firms prefer it. They are buying limited quantity of coconut oil. Oil crushers, though holding huge stocks, are still buying copra by paying a higher price. Meanwhile, copra prices decreased by Rs 80 a quintal in the Avalpoondurai Regulated Market Committee. But arrivals copra increased and crushers from all over Tamil Nadu and Kerala procured all the arrivals.
At the Avalpoondurai, the first grade copra was sold at Rs 6,400-6,655, second grade Rs 4,455-6,240. All the 2,312 bags (1,156 quintals) were sold. In Perundurai and Modakurichi RMC also copra was sold at Rs 6,600 a quintal.