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The coconut oil market witnessed a price increase of ₹200 on a single day touching ₹15,300 a quintal in Kerala and ₹14,600 in Tamil Nadu this week.
The move resorted to by a leading coconut oil manufacturing firm to buy copra at increased prices of ₹500/quintal from the market led to the sudden surge in rates, which is expected to continue, Thalath Mahmood, Director, Cochin Oil Merchants Association (COMA), said. Copra prices are now ruling at ₹10,600/quintal in Kerala and ₹10,300 in Tamil Nadu, an increase of ₹200 in the both the markets.
The market is witnessing copra shortage due to low arrivals and the current monsoon also impacted the delivery. This situation has forced corporates to buy the commodity at enhanced prices. The loose oil market in Tamil Nadu touched ₹2,200 for 15 kg.
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