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Festival season seems to have not cheered up either the corporate or upcountry buyers for coconut oil, as the market started falling, registering a drop of ₹400 a quintal both in Kerala and Tamil Nadu this week.
According to Thalath Mahmood, President of Cochin Oil Merchants Association (COMA), the declining trend in prices both in copra and coconut oil is still continuing, leaving corporates to stay away from the market at this lower price level.
Prices of coconut oil came down to ₹10,300 (₹10,700) in Kerala, while it was ₹9,800 (₹10,200) in Tamil Nadu. Copra prices also declined to ₹7,200 (₹7,300) in Kerala and while in Tamil Nadu, it remained at the same level of ₹7,100 quoted last week.
However, the Coconut Development Board is foreseeing a reverse trend in the price fall with the starting of festival season in North India by next month.
The Board was of the view that arrivals of coconut, copra and coconut oil are expected to be low from Kerala and Tamil Nadu with the progress of the North-East monsoon from next week.
CDB is also anticipating a decline in production in coconut in major southern States due to poor monsoon received during this year.
In Kerala, a spurt in demand for coconut is expected with the Sabarimala pilgrimage season starting by mid-November.
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