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A slight selling pressure caused the coconut oil prices to drop to a lower level compared to last week both in Kerala and Tamil Nadu.
Prices were ruling at ₹14,800 per quintal in Kerala (₹15,000), while in Tamil Nadu, the prices stood at ₹13,800 against ₹14,700 quoted last week.
However, Thalath Mahmood, Director, Cochin Oil Merchants Association (COMA), pointed out that the price fluctuation is cyclical, which is expected to pick-up in a couple of days due to low arrivals and copra shortage. The higher price trend is likely to continue for the entire season this year.
He said that the copra prices were ruling almost steady at ₹10,400 in Kerala (₹10,500) and ₹10,100 in Tamil Nadu against ₹10,200 quoted last week. Due to rupee fluctuation, palm kernel oil was ruling at ₹92, while palm oil at ₹60 per kg.
Bharat Khona, former Board Member of COMA, said that upcountry buyers were staying away from the market at these price levels and the demand was subdued. Loose oil prices in Tamil Nadu also dropped to ₹2,050 from ₹2,160 last week for 15 kg due to lack of demand.
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