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Copra prices are likely to firm up in the short-term as large scale manufacturers have started stocking copra at current levels, according to Mr Prakash B. Rao, Vice-President, Coconut Oil Merchants Association (COMA),
Traders are also stocking copra in anticipation of a drop in supply as monsoon progresses. Mr Rao said that the off season for coconut and copra would start from September and extends till December-end.
Mr Thalath Mahamood, President, COMA, said though the market is ruling steady, local demand on account of festival season is likely to impact the market in a small way. Usually coconut oil demand will increase in Kerala due to higher consumption in households in festival season, he said.
Coconut oil market in Kerala continues to rule steady in the last two consecutive weeks. Prices were flat at last week’s level of Rs 62/kg, while in Tamil Nadu it was Rs 59 against last week’s Rs 58.75.
Mr Rao said that prices are expected to remain stable in the next couple of weeks on anticipation of festival demand.
He said that copra prices are also ruling firm at Rs 4,300 a quintal in Kerala against last week’s Rs 4,200; while in Tamil Nadu it remained static at Rs 4,000 quoted last week.
Substitute oils such as palm oil and palm kernel oil are trading at Rs 64 and Rs 70 a kg respectively. Compared to other edible oils, coconut oil is still cheaper, he said.
Mr Bharat N. Khona, former Board Member, COMA, said that the market is ruling steady and upcountry demand is low because of poor monsoon.
Meanwhile, the Coconut Development Board has announced additional support for coconut farmers in Karnataka. A press statement issued here said that there would be an additional support of Rs 700 a quintal for ball copra and above the already exiting minimum support price of copra under Price Support Scheme at the rate of Rs 5,350 during 2012.
Coconut farmers will get additional benefit of Rs 7/kg. The Karnataka Government has earmarked Rs 5 crore in this regard and the fund will be released to Karnataka Co-operative Marketing Board. It has been decided to procure 5,000 tonnes of copra during 2012 by the Karnataka Government. Each coconut farmer can supply 10 quintals of copra to the procurement agencies, the statement said.
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