18/01/2014 (Hindu Business Line) - Coconut oil prices increased on Friday in Erode markets despite poor sales.

“Coconut oil price increased to Rs 1,570-1,590 for 15 kilogram loose pack. But buyers were reluctant to buy expecting prices to decrease within a fortnight,” said R.M. Palanisamy, a dealer.

Currently, retail dealers are buyers. No big dealer is willing to stock the oil.

Coconut oil crushers have adequate stocks of coconut oil and copra with them, he said. After Pongal holidays, oil crushers procured limited stock of copra in the open market and are holding it with them.

Palm kernel and palm oil prices ruled flat at Rs 5,850 for a quintal.

Biscuit firms are buying them as usual for their products.

If coconut oil prices decreases next month, then prices of palm kernel and palm oil will decline. Therefore, palm oil buyers have procured limited stocks only.

The price of Copra prices decreased to Rs 7,600-7,700 a quintal. Despite the drop, sales of copra were low.

At the Avalpoondurai Regulated Market Committee on Friday, auction could not be conducted because of non-arrival of the copra.

Officials said not even a single bag of copra arrived for sale on Friday as growrs seemed to be still in festive mood.