Coconut oil prices dropped following selling pressure. Compared with last week in Kerala and Tamil Nadu, prices are ruling at ₹14,800/quintal in Kerala (₹15,000), while in Tamil Nadu it quoted at ₹13,800 (₹14,700).
However, Thalath Mahmood, Director, Cochin Oil Merchants Association (COMA), said that the price fluctuation is cyclical and the market is expected to pick up in a couple of days due to low arrivals and copra shortage.
The higher price trend is likely to go up for the entire season this year. He said that copra prices are ruling almost steady at ₹10,400 in Kerala (₹10,500) and ₹10,100 in Tamil Nadu against ₹10,200 quoted last week. Bharat Khona, former Board Member of COMA, said that upcountry buyers are staying away from the market at these price levels and the demand was subdued.
The loose oil market in Tamil Nadu has also dropped to ₹2,050 from ₹2,160/15 kg due to lack of demand.