Copra prices increased by Rs 400 a quintal at the regulated market in Avalpoondurai following rise in global coconut oil prices.
“Copra prices increased due to the increase in price of the coconut oil in the international market,” said R.M. Palanisamy, a coconut oil trader.
He said that still the price of palm kernel is lower than the coconut oil, as many biscuit and other firms are buying huge stocks of palm kernel oil. Though coconut oil crushers have huge stocks of copra with them, they are still buying copra to expand their inventories.
The copra farmers have said that the Government through various agencies should procure their copra at a minimum price of Rs 70 a kg (Rs 7,000 a quintal).
On Friday, at the Avalpoondurai Regulated Market Committee, 1,058 quintals arrived and within few minutes, all the quantity was sold.
Only coconut oil crushers from Tamil Nadu attended the sale.
The absence of the Kerala crushers caused concern.
At the sale, the first grade copra was sold at Rs 5,275-5,425, second grade Rs 4,185-5,275.