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The corporate demand for edible grade copra has lifted the prices of coconut oil in Kerala and Tamil Nadu this week.
Prakash B. Rao, Vice-President, Cochin Oil Merchants Association, said that the market is going through a bullish trend because of the festival demand.
Prices touched Rs 71 a kg in Kerala, while they were Rs 68 in Tamil Nadu, up Rs 2 in both the States.
He said that there has been a good demand for edible copra, especially from North India, as well as from corporates. This has perked up coconut oil prices.
Copra prices are now ruling at Rs 5,200 a quintal in Kerala and Rs 5,000 in Tamil Nadu, an increase of Rs 200 in both States.
The terminal markets at Vadakara in Kerala and Kangeyam in Tamil Nadu have emerged as the preferred ones for copra procurement, he said. Rao expressed the hope that the price surge would continue for the next couple of weeks and would touch at Rs 75 for coconut oil and Rs 5,500 for copra.
The substitute oils also fared better this week with palm oil quoting Rs 56 and palm kernel oil at Rs 58.
Thalath Mahamood, former President of the association, attributed the price rise to bulk purchase of copra by corporates from Tamil Nadu, Kerala, Karnataka and Andhra Pradesh.
There were reports that upcountry buyers are purchasing at Rs 52.
The upward trend is expected to continue till the end of the festival season including Pooja and Diwali.
Bharat N. Khona, former Board Member, COMA, said the short supply of copra into Kerala markets due to heavy rains last week has given a boost in the market with prices started perking up.
This coupled with the local demand for Onam will cheer up the market in the coming days, he said.
The Tamil Nadu loose market has shot up to Rs 1,020 for 15 kg against Rs 980 last week.
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