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The absence of fresh arrivals coupled with supply constraints have heated up copra and coconut oil markets, both in Kerala and Tamil Nadu.
Prices touched a record high of this season at ₹13,700/quintal for coconut oil in Kerala and ₹12,600 in Tamil Nadu. Copra prices moved up northwards touching ₹9,600/quintal and ₹8,900 respectively. Thalath Mahmood, President, Cochin Oil Merchants Association, told BusinessLine that low availability and festival demand ahead of Onam impacted the market.
Besides, the imposition of 5 per cent GST on copra and coconut oil cake also affected the prices.
Traders also blamed corporate buyers engaged in branded coconut oil business for purchasing copra at a premium.
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