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Copra prices decreased sharply in Tamil Nadu on Friday on huge arrivals and in line with the general bearish trend.
At the Avalpoondurai Regulated Marketing Committee auctions. 5,307 bags (each bag contains 50 kg) arrived for sales (265 tonnes). Buyers from Kerala, Tuticorin and other places placed tenders for the decreased price.
Traders quoted only Rs 30.65 a kg of copra for the inferior variety and for superior variety they quoted Rs 35.90 a kg. This is Rs 3.35 a kg lower than last week's price.
Further due to heavy arrival last week, the auction was conducted on May 21 and 240 tonnes of copra arrived, fetching Rs 33.65-35.65 a kg. The farmers renewed their request with the Government to procure at Rs 51 a kg immediately, as they said they have more than 10,000 tonnes of copra with them.
Oil crushers said that all over the country, the price is decreasing Further, they said that they have already procured the required quantity and some millers are keeping over 5,000 tonnes of copra, expecting coconut oil prices to rise.
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