MARKET DEVELOPMENT
Coconut Oil Slides As Festival Season Ends
Coconut Oil Slides As Festival Season Ends
25/09/2015 (Hindu Business Line) - The conclusion of the festival season seems to have impacted the coconut oil market this week with prices started sliding both in Kerala and Tamil Nadu.
According to Thalath Mahmood, Director, Cochin Oil Merchants Association (COMA), there was a drop of nearly ₹400 a quintal in the last four days with prices touching ₹11,200 in Kerala (₹11,400) and ₹10,150 in Tamil Nadu (₹10,800).
Copra prices also registered a drop with demand diminishing. Prices are quoting at ₹7,550 per quintal against ₹8,000 in Kerala and ₹7,300 (₹7,800) in Tamil Nadu.
He pointed out that the festival season in Kerala has come to and end with Bakrid and the upcountry demand is likely to revive ahead of Diwali. The market is now in the middle of the harvest season with uninterrupted arrival of copra from production centres. There was also a good demand for raw nuts particularly from north Kerala, he said.
Our Erode correspondent adds: “The price of loose coconut oil was at ₹1,490- 1,530 for 15-kg pack. This is ₹1.50 a litre less than previous sale price on Wednesday. But the present price will not remain for long and soon the price may increase,” said RM Palanisamy, an oil trader. He said the copra price was down in all the markets at ₹7,100-7,470 a quintal which is ₹200 less than Tuesday’s price.
Heavy arrival of copra has caused the decrease in prices. Kerala oil traders procured huge quantity of copra and also the local oil crushers who are having enough stock of copra and oil, are reluctant to sell the coconut oil at the decreased price.
Meanwhile, the price of palm oil and palm kernel are in an upward trend. The palm oil was sold at ₹6,000 a quintal while the palm kernel was at ₹7,000.
According to Thalath Mahmood, Director, Cochin Oil Merchants Association (COMA), there was a drop of nearly ₹400 a quintal in the last four days with prices touching ₹11,200 in Kerala (₹11,400) and ₹10,150 in Tamil Nadu (₹10,800).
Copra prices also registered a drop with demand diminishing. Prices are quoting at ₹7,550 per quintal against ₹8,000 in Kerala and ₹7,300 (₹7,800) in Tamil Nadu.
He pointed out that the festival season in Kerala has come to and end with Bakrid and the upcountry demand is likely to revive ahead of Diwali. The market is now in the middle of the harvest season with uninterrupted arrival of copra from production centres. There was also a good demand for raw nuts particularly from north Kerala, he said.
Our Erode correspondent adds: “The price of loose coconut oil was at ₹1,490- 1,530 for 15-kg pack. This is ₹1.50 a litre less than previous sale price on Wednesday. But the present price will not remain for long and soon the price may increase,” said RM Palanisamy, an oil trader. He said the copra price was down in all the markets at ₹7,100-7,470 a quintal which is ₹200 less than Tuesday’s price.
Heavy arrival of copra has caused the decrease in prices. Kerala oil traders procured huge quantity of copra and also the local oil crushers who are having enough stock of copra and oil, are reluctant to sell the coconut oil at the decreased price.
Meanwhile, the price of palm oil and palm kernel are in an upward trend. The palm oil was sold at ₹6,000 a quintal while the palm kernel was at ₹7,000.