MARKET DEVELOPMENT
Coconut Oil Slips on Slack Buying
Coconut Oil Slips on Slack Buying
28/05/2015 (Hindu Business Line) - Copra and coconut oil prices decreased at Erode markets for want of demand and higher arivals.
“Every day huge quantity of coconut is brought to Erode from Pollachi and Kerala and the local copra farmers buy it for ₹24,500 and ₹29,000 a tonne.
Since the harvest is in full swing, more quantity is expected which may pressurise the prices of copra and coconut oil,” said RM Palanisamy, a trader.
Expecting further decrease in coconut oil, many buyers from North India have kept away from placing new orders.
The price of the coconut oil was down to ₹1,750-1,810 for 15 kg. Copra went for ₹8,300-8,500 a quintal and the sale was very low. Also, biscuit firm buyers were resorting to other cheaper alternatives such as sunflower oil and palm oil.
Palm oil was sold for ₹498/10 kg.
“Every day huge quantity of coconut is brought to Erode from Pollachi and Kerala and the local copra farmers buy it for ₹24,500 and ₹29,000 a tonne.
Since the harvest is in full swing, more quantity is expected which may pressurise the prices of copra and coconut oil,” said RM Palanisamy, a trader.
Expecting further decrease in coconut oil, many buyers from North India have kept away from placing new orders.
The price of the coconut oil was down to ₹1,750-1,810 for 15 kg. Copra went for ₹8,300-8,500 a quintal and the sale was very low. Also, biscuit firm buyers were resorting to other cheaper alternatives such as sunflower oil and palm oil.
Palm oil was sold for ₹498/10 kg.