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Prices remained more or less steady in the coconut oil market both in Kerala and Tamil Nadu this week. Prices in Kerala is ruling at ₹15,000 per quintal as was quoted last week, while in Tamil Nadu, there was a ₹500 increase touching ₹15,000.
Copra prices showed a ₹200 increase per quintal at ₹10,200 in Kerala and ₹10,000 in Tamil Nadu, an increase of ₹300 compared to last week.
Thalath Mahmood, Director, Cochin Oil Merchants Association (COMA) said that low arrivals after three-day Pooja Holidays impacted the market and traders are pinning their hopes on upcoming Diwali to boost the demand. There was some movement in corporate buying of copra during the week despite low arrivals.
However, Bharat Khona, former Board Member of COMA was of the view that speculative tone is still continuing in the market forcing corporates to purchase copra at higher prices. This in turn will affect local and upcountry demand. He termed ‘strange’ the COMA’s decision to impose prices of coconut oil in Kochi market in two different categories, as it would confuse the consumer.
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