Commodities

Coconut oil prices sway; copra gains on demand

Our Correspondent Erode | Updated on October 09, 2014 Published on October 09, 2014




With coconut oil prices fluctuating over the last three weeks, its sales have been affected..

“Because of such fluctuation in price, sale of the coconut oil has been affected. A few days ago, coconut oil prices ruled at ₹2,370 for a 15-kg loose pack but then decreased to ₹2,180 Currenty, they are ruling at ₹2,250-2,280. Only a few are purchasing the oil. A limited number of loads was sold on Thursday,” said a trader in Kangeyam.

He said that till Diwali, buyers from Maharashtra and northern States will not place orders and hoped for orders only on Diwali day. In Maharashtra the factories at Malkapur, Akola and Jabkhan have started crushing huge quantities of copra purchased from Sri Lanka and Karnataka. North Indian buyers have started buying coconut oil from these factories.

Meanwhile, copra prices have increased in Erode to ₹10,750-₹10,850 a quintal as demand has increased. On Thursday, 400 tonnes were sold.

Many users of coconut oil are shifting to sunflower oil and palm oil. The price of sunflower oil has increased to ₹640 for a 10-kg pack as a result and the palm oil is being sold at ₹522. Biscuit firms are buying palm kernel for their products. Edible copra price also increased to ₹12,200 a quintal. Many traders in North India are also buying edible copra from Karnataka, affecting the sale here.

Published on October 09, 2014
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