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Already hurt by lack of copra, coconut oil prices surged further on Friday with rains affecting supplies of the raw material.
“Coconut oil was sold at ₹2,200 for 15-kg loose pack three days ago and flared up to ₹2,300. This is due to the prevailing wet spelland incessant rainfall in rural parts. Farmers, those who exhausted their copra stock, procured by paying a premium for the coconuts from Kerala and Karnataka, converted them into copra. A few persons who had hoarded copra stocks, sold at ₹11,000 a quintal, up by ₹500-750 from Thursday’s price,” said RM Palanisamy, a coconut oil dealer.
He said that the price of coconut oil will go drop gradually and now coconut oil prices are fluctuating. Globally, demand for coconut oil is low as most of the buyers prefer palm oil and palm kernel, which are available for ₹6,100 and ₹9,000 a quintal respectively. On Friday, copra was sold at ₹10,900-11,000 a quintal in the cooperative societies at Perundurai, Gobichettipalayam and Anthiyur. In the open market it was sold at ₹11,200.
In the Avalpoondurai Regulated Market Committee, only 434 quintals of copra arrived for sale. The first grade copra fetched ₹10,455-615. The second grade was sold at ₹8,865-10,555 a quintal.
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