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Coconut oil prices increased due to shortage of copra despite lack of buyers.
“Coconut oil prices touched ₹2,220 for 15 kg loose pack (₹148 a kg ) and there were no buyers. Such increase may be due to the hike in copra price and inadequate stocks available with farmers,” said an oil trader from Erode.
He said the copra was sold at ₹10,750 a quintal in Avalpoondurai and at ₹10,800 in Perundurai. On Friday noon, a coconut oil producing firm purchased copra at ₹11,000 a quintal.
Growers said that the demand from North India is high because of the upcoming festivals of Ganesh Chathurthi and Durga Pooja. Local farmers will send coconut to the North and are not interested in converting them into copra. Further the coconut crop in many places in Tamil Nadu has been affected. Traders said they had ample stocks of coconut oil crushed with the copra purchased at ₹9,000-10,000 a quintal, and did not want to sell the oil at low price.
In Perundurai and Avalpoondurai more than 500 tonnes of copra were sold in two days for more than ₹10,700 a quintal.
Meanwhile, the price of palm oil remained at ₹5,900 a quintal and the palm kernel at ₹9,100 a quintal.
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