MARKET DEVELOPMENT
As Palm Group of Oils Drop, Coconut Oil Prices Slip
As Palm Group of Oils Drop, Coconut Oil Prices Slip
21/08/2014 (Hindu Business Line) - Coconut oil prices dropped by ₹2kg on Wednesday following a drop in palm oil and palm kernel rates.
“Coconut oil had touched ₹2,500 for a 15-kg loose pack at the beginning of the week but fell by ₹30 later. This is due to the fall in price of palm oil and palm kernel. In the international market, the price of palm kernel went down by $200. Now, palm oil is available at ₹5,400 a quintal, so the coconut oil buyers quoted slightly decreased price,” said RM Palanisamy, an oil dealer.
He said copra prices are ruling firm at ₹11,400 a quintal. During the last three days, more than 400 tonnes of copra were sold, mainly by Kerala oil crushers.
Oil traders in Kangeyam feel that the price of coconut oil may decrease after Ganesh Chathurthi.
Coconut oil crushing units said that they have adequate stock with them. However, copra growers have exhausted their stocks. Copra prices are expected to rise if coconuts have to be purchased from other States. Edible copra was sold at ₹14,000 a quintal and the buyers despatched it to Maharashtra and Rajasthan.
“Coconut oil had touched ₹2,500 for a 15-kg loose pack at the beginning of the week but fell by ₹30 later. This is due to the fall in price of palm oil and palm kernel. In the international market, the price of palm kernel went down by $200. Now, palm oil is available at ₹5,400 a quintal, so the coconut oil buyers quoted slightly decreased price,” said RM Palanisamy, an oil dealer.
He said copra prices are ruling firm at ₹11,400 a quintal. During the last three days, more than 400 tonnes of copra were sold, mainly by Kerala oil crushers.
Oil traders in Kangeyam feel that the price of coconut oil may decrease after Ganesh Chathurthi.
Coconut oil crushing units said that they have adequate stock with them. However, copra growers have exhausted their stocks. Copra prices are expected to rise if coconuts have to be purchased from other States. Edible copra was sold at ₹14,000 a quintal and the buyers despatched it to Maharashtra and Rajasthan.