The price of the coconut oil has decreased by ₹7 a kg on Wednesday.
“Suddenly on Wednesday the price of coconut oil decreased by ₹100-110 for 15-kg loose pack. Such decrease is due to the poor offtake from North India and also demand for the coconut oil is too low. Many traders are expecting a decrease in prices and did not place any order for the oil,” said Murugavel, an oil trader in Erode.
But the price of copra is in its peak now and was sold at ₹11,000 a quintal and the oil crushers are buying few quantity of copra. No Kerala crushers have procured the copra. The farmers said that they have purchased huge quantity of coconuts from Andhra Pradesh and Kerala, converting them into copra selling the same at ₹10,500-11,000 a quintal, as the cost of copra production for them is very high.
The price of palm oil also slightly increased and it was sold at ₹5,200 a quintal. As usual, the price of palm kernel was stable at with ₹8,100 a quintal. Enquiries for the sunflower oil has increased, said the traders.