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Coconut oil market continues to decline further with the prices dropping by ₹400 per quintal both in Kerala and Tamil Nadu this week. The prices are ruling at ₹14,400 per quintal in Kerala while in Tamil Nadu, it stood at ₹13,000.
Thalath Mahmood, Director, Cochin Oil Merchants Association (COMA) attributed absence of a local demand as well as the sluggishness in upcountry and corporate buying for the price fall. With the low arrivals, he said the declining trend is likely to continue in the coming weeks. He also pointed out that corporates have managed to get ample stocks to meet their production requirements.
The fall in prices was also reflected in copra with the rates moving southwards registering, a decline of ₹200 per quintal. The prices stood at ₹9,200 per quintal in Tamil Nadu, whereas it was ₹9,800 per quintal in Kerala.
He said the copra market will be flooded with Sabarimala copra from next week with the starting of the pilgrimage season in the hill shrine. The Kerala State Cooperative Marketing Federation (Marketfed) has bagged the contract to auction copra from Sabarimala this season for an amount of ₹5.77 crore. This is the first time that a state government agency had received the auction contract.
Bharat Khona, former Board Member, COMA was of the view the price drop would continue further with the staying away of corporates and upcountry buyers from the market. The fall in prices is evident in the loose oil market in Tamil Nadu which stood at ₹1,900 for 15 kg.
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