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Due to heavy arrival of copra at the Avalpoondurai Regulated Market Committee (RMC), copra prices decreased sharply.
“In the international market, the price of coconut oil has decreased due to want of demand. In international level, this is the period the coconut oil prices will increase, but contrast to the traditional system, the price of coconut is decreasing now. The 15 kg loose pack is now available at Rs 980-990 against Rs 1,000 sold last week”, said R.M. Palanisamy, a coconut oil trader.
He said such decrease is due to the large scale availability of palm kernel at decreased price.
Many coconut oil users are now defected to palm kernel and buying huge stock. So the sale of coconut has decreased and also the prices are decreasing every week.
If the same position continues, within six months, the coconut oil industry will be affected heavily.
He said all the coconut oil crushers are having adequate stock of copra, the main raw material for coconut oil crushing. Now they have procured further stocks as they presume the coconut oil price may increase within a month.
The farmers of Erode district said that they are having huge stock of copra with them. The present price is not feasible for them.
To liquidate their accumulated stocks, they are selling the copra at low price. They brought 1,300 quintals on Friday to the Avalpoondurai RMC. Only local traders from various places of Tamil Nadu attended the auction. No Kerala oil crushers participated in the sale.
At the Avalpoondurai RMC, the first grade copra was sold at Rs 4,450- 4,820 a quintal, Rs 130 less than last week.
Similarly the second grade copra was sold Rs 45 less from last week at Rs 3,865-4,665.
The arrival has increased to 1,300 quintal (2,600 bags) for sale. This is 200 quintals more than last week.
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