Demand for raw coconuts from North Kerala and Tiptur copra from Karnataka has led to coconut oil prices remaining steady this week.
Thalath Mahmood, Director, Cochin Oil Merchants Association (COMA), pointed out that several coconut powder manufacturing companies have started purchasing raw coconuts in large quantities from northern Kerala, which is known for its rich fibre content and quality, at ₹33 per kg.
Besides, the market is also witnessing good demand for Tiptur ball copra also known as Rajapuri copra in the price range of ₹150-160 per kg for the ensuing Holy festival season in North India.
This new trend has facilitated coconut oil market both in Tamil Nadu and Kerala to remain stable without any price change from the last week level of ₹13,900 per quintal in Kerala and ₹13,500 in Tamil Nadu. Copra prices in both these states stood at ₹9,900 per quintal, he said.
However, Bharat Khona, former Board Member, was of the view that the persistent high market prices have started sliding down, as is evident from the drop in loose coconut oil in Tamil Nadu which stood at ₹1,990 for 15 kg against the last week’s level of ₹2,040.
In the absence of a genuine demand, he felt that there would be a free fall in prices in the coming weeks especially with more copra arrivals.