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Coconut oil prices are likely to be stable despite a slight price decline witnessed in Kochi and Kangeyam markets, says Coconut Development Board.
The Board officials clarified that the decreasing phenomenon in the last few days is only temporary and the prices are likely to rule high till August. The Board also informed farmers not to rush to the market to offload their produce.
It is pointed out that the peak season in Kerala will be over by this month. A close observation on the daily prices at Kangeyam and Kochi against 60 days moving average revealed the prevailing trough in price is not pronounced and the prices are likely to rule steady.
However, there is a chance for supply constraint which is likely to push up the domestic price slightly. This is because of the steady increase in export of desiccated coconut powder and virgin coconut oil during January to April compared to previous year and is expected to grow further, the officials said.
Meanwhile the demand for raw nuts and edible copra to Pakistan, Bangladesh and in the Gulf before the Ramzan festival season coupled with the good availability of Lakshadweep copra has boosted the coconut oil market in Kerala and Tamil Nadu this week.
Thalath Mahmood, Director, Coconut Oil Merchants Association (COMA), said that prices are in a steady line at ₹13,500 a quintal in Kerala (₹13,600) and ₹12,900 in Tamil Nadu (₹13,000). Copra prices registered a ₹100 drop at ₹9,500 in Kerala, while the price decline was close to ₹400 touching ₹9,000.
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