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Coconut oil prices ruled more or less steady in Kerala and Tamil Nadu this week. Prices in Kerala were quoted at ₹15,000 a quintal, unchanged from last week, while in Tamil Nadu, there was a ₹500 increase to ₹15,000. Copra prices increased by ₹200 per quintal to ₹10,200 in Kerala and ₹10,000 in Tamil Naducompared with last week.
According to Thalath Mahmood, Director, Cochin Oil Merchants Association (COMA), low arrivals after three-day Pooja holidays impacted the market and traders are hoping that demand will be revived during the upcoming Diwali festival. Despite low arrivals, there was some movement in corporate buying of copra during the week.
However, Bharat Khona, former Board Member of COMA, said that speculation still continues in the market, forcing corporates to purchase copra at higher prices. This, in turn, will affect local and upcountry demand.
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