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Coconut oil prices continue to surge, touching a new high of Rs 112 a kg in Kerala, on tight copra supply.
Last week, prices in Kerala ruled at Rs 105.
In Tamil Nadu coconut oil ruled at Rs 109 against Rs 99.
According to Prakash B. Rao, President, Cochin Oil Merchants Association (COMA), copra prices have firmed up to Rs 83 a kg (Rs 76) in Kerala and they were ruling at Rs 80 a kg in Tamil Nadu.
He said that acute copra shortage has affected the availability of the commodity, which has forced major corporates to go for bargain hunting.
This has resulted in the strengthening of prices.
Even though domestic consumption of coconut oil in Kerala has dropped, he said that huge demand from corporates pushed up prices.
Prices are likely to rule more or less steady in the coming days, he said adding that the current Sabarimala season is result in prices rallying further due to demand for raw coconut.
Palm oil prices are ruling flat at Rs 65/kg, palm kernel oil touched a high of Rs 85 against Rs 72 quoted last week.
Thalath Mahmood, Director, COMA, attributed the price hike to offseason, copra shortage and export of raw coconuts to Pakistan from Tamil Nadu.
This would continue till the start of the next season in March-April.
Bharat N. Khona, former Board Member, COMA, was of the view that high prices have dampened the local and upcountry demand for coconut oil. This could result in consumers shifting to other edible oils.
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