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Coconut oil prices at Erode slipped further on Thursday and lost ₹8-9 a kg. “On Thursday, the prices stood at ₹1,500 per 15 kg, which was ₹130 less than the previous sale. There was no sale of the oil as many buyers are expecting the price to decrease further,” said RM Palanisamy, a trader.
He said that the present ₹1,500 was ₹800 less than last month’s price. Copra prices also decreased to ₹7,500 a quintal against ₹10,600 sold some days back. In open market, copra was sold at ₹8,100. Because of the unexpected decrease in prices, many copra buyers are reluctant to buy as they feel the price may fall further. Prices of palm oil and palm kernel also decreased sharply.
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