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After touching newer heights, the Cochin Oil Merchants Association (COMA) is expecting a downward trend in coconut oil prices both in Tamil Nadu and Kerala within a couple of months.
This is because of the dwindling demand for edible copra and raw coconuts from Pakistan as well as shifting of consumer sentiments to other edible oils. The neighbouring country is taking bulk quantity of edible copra especially from Tamil Nadu markets, Thalath Mahmood, Director, COMA said.
He pointed out that the present local demand in Kerala was due to Onam and this will also come down with the ending of the festival season.
However, the market today is ruling steady this week with the prices ruling at ₹16,500 per quintal in Kerala and ₹15,800 in Tamil Nadu. There was drop of ₹100 per quintal in both the states in the last two days, he said.
Copra shortage, he said, is a main worry for traders with prices quoting at ₹11,500 per quintal in Kerala and ₹11,200 in Tamil Nadu. According to him, copra prices are also expected to come down by November-December depending on the availability.
Bharat Khona, former Board Member of COMA also was of the view that the speculative trend in the market started reeling down due to the absence of an upcountry demand due to high rates and low prices of other edible oils.
This is evident from the rates of loose oil market in Tamil Nadu which stood at ₹2,320 for 15 kg from ₹2,500 last week, he said.
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