Coconut oil to slip further on slack offtake

Coconut oil prices cooled down in Kerala and Tamil Nadu this week. There was a drop of ₹500/quintal in Kerala touching ₹15,600 while in Tamil Nadu, it came down to ₹15,300 – a drop of ₹400. Copra prices also moved southwards at ₹10,500 a quintal (₹11,300) in Kerala and ₹10,200 in Tamil Nadu against ₹11,000 quoted last week. Thalath Mahmood, Director, Cochin Oil Merchants Association (COMA), attributed the drop in prices to absence of local demand and availability of other edible oils in the market at cheaper rates. The prices are expected to fall further in the coming weeks. The fall in prices is evident as the loose oil market in Tamil Nadu which was ruling at ₹2,350 for 15 kg last week, has come down to ₹2,250, he added.