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Rains in Tamil Nadu have impacted the coconut oil market this week, with prices slightly moving up in the absence of copra arrivals.
Thalath Mahmood, Director, Cochin Oil Merchants Association (COMA) said that there was an increase of ₹100 per quintal both in Kerala and Tamil Nadu touching ₹14,700 and ₹14,300 respectively. Low availability of copra has forced leading corporates to purchase the commodity by paying ₹100 more per quintal.
Copra prices are now ruling at ₹10,200 per quintal in Kerala and ₹10,000 in Tamil Nadu, as there was holding of stock by traders due to rains, he said.
Bharat Khona, former Board Member, COMA said that the market seems to have showing an upward trend due to short supply of copra. However, this is expected to come down especially because of the sluggish demand from corporates and upcountry buyers.
Adulteration of coconut oil
Meanwhile, the board meeting of COMA which held here the other day has requested the State Government to take urgent steps to curb adulteration of coconut oil, which is rampant due to price increase. It also urged the government to put on hold the implementation of its decision of coconut oil sale only through packets.
The frequent consumer complaints on adulteration have prompted the government to stop loose oil sales in Kerala from December.
The government had given six months time to traders to switch over to the new mode of marketing that end on December, he said.
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