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Local demand perked up copra prices both in Kerala and Tamil Nadu with rates moving up by ₹100 a quintal. This is because of the ensuing Ramzan festival season and the monsoon, which made a slight impact in copra prices in both the States. Prices are now ruling at ₹8,300 a quintal (₹8,200) in Kerala and ₹8,100 (₹8,000) in Tamil Nadu.
The coconut oil market remained steady at ₹11,900/quintal in Kerala (₹12,000) and ₹11,500 in Tamil Nadu.
However, the increased copra availability in the market especially from Lakshadweep and other production centres have not enthused corporate and upcountry buyers from procurement. Anticipating a further fall, majority of them are on a wait and watch mode, said Thalath Mahmood, Director, Cochin Oil Merchants Association (COMA).
According to Bharat Khona, former board member of COMA, the steady market may not continue for long with prices declining further shortly by the end of the festival season. The loose oil market remained at the same level of ₹1,750 for 15 kg quoted last week.
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