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Government agencies seem to be unaware of the price slide trend in coconut oil in the domestic market as they are still looking at import options.
According to market sources, the State Trading Corporation has recently floated a tender to import 2,000 tonnes of coconut oil both crude and edible grade on CIF (cost insurance freight) basis through Mundra Port.
Cochin Oil Merchants Association (COMA) has raised its concern over the move, saying that the decision would be detrimental at a time when coconut oil and copra prices are showing a declining trend, registering a drop of nearly ₹1,000/quintal both in Kerala and Tamil Nadu markets in less than a week.
Thalath Mahmood, Director, COMA, said that the decision for imports would affect the prospects of both traders and farmers who are reeling under price fall in the recent period. Meanwhile, the coconut oil market registered a further ₹700 drop with the prices quoting ₹10,400 in Kerala (₹11,200) and ₹9,500 in Tamil Nadu against ₹10,500 quoted last week. Copra prices also slid to ₹7,000/quintal in Kerala (₹7,600) and ₹6,500 (₹7,500) in Tamil Nadu.
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