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High corporate demand and low arrivals pushed up coconut oil prices to a new high both in the Kerala and Tamil Nadu markets this week. Prices touched ₹14,100 per quintal in Kerala (₹13,900), while in Tamil Nadu it stood at ₹13,800 (₹13,200).
According to Thalath Mahmood, Director, Cochin Oil Merchants’ Association (COMA), copra prices also started showing an upward trend at ₹10,400 per quintal in Kerala and ₹9,900 in Tamil Nadu against ₹9,800 quoting last week in both these markets.
He cited the arrival of the monsoon coupled with upcountry demand for the hike in copra prices. Prices in both these States were on the higher side compared to last year, a jump of almost 50 per cent. Edible oils such as palm oil and palm kernel oil were quoting at ₹60 per kg and ₹98 per kg respectively. Whenever there is an upward trend in coconut oil prices, he said palm kernel oil prices also follow suit.
However, Bharat Khona, former Board Member of COMA, felt a speculative trend was visible in the market trend with the absence of strong upcountry demand. The loose oil market in Tamil Nadu stood at the same level quoted last week at ₹2,050 per kg for 15 kg.
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