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After showing an uptrend in the last few weeks, the coconut oil market in Kerala started moving southwards with prices touching ₹13,900/quintal this week. In Tamil Nadu, it was ₹13,200.
Thalath Mahmood, Director, Cochin Oil Merchants Association, said that prices had touched a record ₹15,800/quintal a fortnight ago and this has created a panic situation forcing the market to cool down. There was also a consumer shift to other edible oils.
However, the low availability of copra in the State forced traders to depend on the Tamil Nadu markets. This has resulted in a subdued demand for the commodity from upcountry buyers as well as from corporates. Copra prices in Kerala and Tamil Nadu stood at ₹9,800/quintal.
He said that the high demand for raw coconuts in West Asian and Pakistan markets for the upcoming Ramzan month has pushed up prices in the range of ₹22 to ₹26. Bharat Khona, former Board Member of COMA said that the commencement of monsoon in Kerala has also contributed to price fall. The loose oil market in Tamil Nadu stood at ₹2,050 for 15 kg which has come down from ₹2,300 last week.
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