Slack buying drags coconut oil

Coconut oil prices at Erode markets decreased on Wednesday due to lack of sales in copra.“Coconut oil was sold at ₹2,370 for 15-kg pack two days back and then slid to ₹2,330 todayWe are expecting further drop in price as the price and sale of the copra is decreasing daily. No Kerala oil crushers have purchased the copra,” said RM Palanisamy, a coconut oil trader. The arrival of copra was high and in Perundurai Cooperative Marketing Society 200 tonnes of copra arrived and fetched ₹10,700-800 a quintal. Only negligible number of quantities of coconut oil was sold. The copra stock with the local farmers has almost exhausted and they are buying coconuts from other States. The edible copra price also decreased by ₹1,000 a quintal.