Reports of limited arrivals of copra in the northern districts of Kerala has held down the firming trend in coconut oil prices.
The trend has affected the Tamil Nadu terminal markets too, where buyers from Kerala have abstained from buying, resulting in the price of coconut oil declining to Rs 98 a kg from Rs 106 a week ago, Prakash B. Rao, President, Cochin Oil Merchants’ Association (COMA), said.
While in Kerala prices eased to Rs 104 a kg from Rs 109 quoted last week, copra prices also declined to Rs 76 a kg in the Kerala market and in Tamil Nadu were quoting at Rs 70 a kg. This weakness in prices is likely to prevail in the coming days also, he said.
Due to this weakness, he said, major corporates have reduced purchases from the open market. Another reason for the weakness is fresh arrivals of Sabarimala copra to some manufacturing units.
Palm oil prices also declined to Rs 60 a kg from Rs 65, while palm kernel oil was quoting Rs 76 against Rs 80 a kg quoted in the previous week.
Thalath Mahmood, Director, COMA, said prices are expected to come down further in view of the absence of north Indian and domestic demand, which reported a 20 per cent drop in sales. The market is awaiting fresh stocks by the month-end, with the commencement of the new season in North Kerala.
The Coconut Development Board should come out with a forecast on the next season for the benefit of coconut farmers in Kerala, Tamil Nadu and Karnataka.
He also demanded deploying mobile laboratories of the Food Safety Department to check adulteration of coconut oil coming from Tamil Nadu in tankers.
According to Bharat N. Khona, former board member, COMA, the market has been showing a declining trend, with upcountry buyers waiting for price stabilisation. Besides, major corporates have started quoting lower prices for their purchase.
The trend has affected the Tamil Nadu terminal markets too, where buyers from Kerala have abstained from buying, resulting in the price of coconut oil declining to Rs 98 a kg from Rs 106 a week ago, Prakash B. Rao, President, Cochin Oil Merchants’ Association (COMA), said.
While in Kerala prices eased to Rs 104 a kg from Rs 109 quoted last week, copra prices also declined to Rs 76 a kg in the Kerala market and in Tamil Nadu were quoting at Rs 70 a kg. This weakness in prices is likely to prevail in the coming days also, he said.
Due to this weakness, he said, major corporates have reduced purchases from the open market. Another reason for the weakness is fresh arrivals of Sabarimala copra to some manufacturing units.
Palm oil prices also declined to Rs 60 a kg from Rs 65, while palm kernel oil was quoting Rs 76 against Rs 80 a kg quoted in the previous week.
Thalath Mahmood, Director, COMA, said prices are expected to come down further in view of the absence of north Indian and domestic demand, which reported a 20 per cent drop in sales. The market is awaiting fresh stocks by the month-end, with the commencement of the new season in North Kerala.
The Coconut Development Board should come out with a forecast on the next season for the benefit of coconut farmers in Kerala, Tamil Nadu and Karnataka.
He also demanded deploying mobile laboratories of the Food Safety Department to check adulteration of coconut oil coming from Tamil Nadu in tankers.
According to Bharat N. Khona, former board member, COMA, the market has been showing a declining trend, with upcountry buyers waiting for price stabilisation. Besides, major corporates have started quoting lower prices for their purchase.
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