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Coconut oil prices firmed up this week both in Kerala and Tamil Nadu due to thin copra arrivals. Prices shot up to Rs 70 per kg in Kerala (Rs 67), while it went up to Rs 65 a kg in Tamil Nadu (Rs 63).
Copra prices have also surged to Rs 4,800 for a quintal in Kerala (Rs 4,675) and to Rs 4,700 for a quintal in Tamil Nadu (Rs 4,550).
Prakash B. Rao, Vice-President, Cochin Oil Merchants’ Association (COMA), attributed the sudden spurt in copra prices to the purchase of large quantities by corporates from Tamil Nadu. Rates were likely to remain steady this week due to the huge price gap between Kerala and Tamil Nadu.
He expressed the hope that copra prices may improve further with the commencement of the festival season in North India next month, which would boost sales.
Palm oil prices were slightly weak this week at Rs 54 per kg and palm kernel oil remained steady at Rs 55 per kg.
Thalath Mahamood, former President, Cochin Oil Merchants’ Association (COMA), said the continuing rains have affected copra arrivals, resulting in the price rise. However, he appealed to the authorities to start procurement of copra and raw coconut immediately, as announced by the Centre, in order to benefit farmers.
Bharat N. Khona, former Board Member, COMA, said there has been a sharp rise in prices in spite of the absence of any genuine demand from upcountry buyers. There was a speculative undertone in the market evident from the price quoted for loose coconut oil at Rs 990 per 15 kg today against Rs 950 quoted two days ago.
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