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Heavy rains in Tamil Nadu due to the onset of North-East monsoon affected copra arrivals.
This coupled with diminishing local demand affected the coconut oil market in Kerala and Tamil Nadu.
Though the market is ruling steady, there has been a considerable shift by consumers from coconut oil to other edible oils especially cheaper sunflower oil.
Estimates put the drop in local consumption at 30-40 per cent in Kerala, Thalath Mahmood, Director, Cochin Oil Merchants Association (COMA), said.
The market seems to be moving southwards with prices at ₹14,800 a quintal in Kerala, a drop of ₹200 from last week. In Tamil Nadu, the rates stood flat at ₹14,500.
Copra prices in Kerala also reported a drop of ₹200 touching ₹10,200 this week, while in Tamil Nadu it was flat at ₹9,800 .
Our Erode Correspondent adds: Demand for the copra has increased, while coconut oil price has decreased.
“The price of the copra improved as demand increased. On Tuesday, copra was sold at ₹10,600-700 a quintal. Many coconut oil crushers procured, but no oil crusher from Kerala participated in the auction,” said a coconut oil dealer.
He said that due to inclement weather in rural areas, copra farmers could not dry their coconuts. So, they brought limited quantity of copra for sale to the market and all 50 tonnes were sold.
The price of the coconut oil was fixed at ₹2,195-2,215 for 15-kg loose pack.
Meanwhile, the price of the palm oil and sunflower oil also came down and was sold at ₹5,050 (palm oil) and ₹6,350 (sunflower oil).
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