High Edible Oil Prices Boost Copra Prices in KeralaThursday, November 26, 2020
Copra prices in Kerala and Tamil Nadu have shot up thanks to the rising trend of edible oil rates in the global markets and holding of stock by copra dealers, The Hindu Business Line reported on November 06. Prices hovered in the range of 124 per kg in Kerala and 116 in Tamil Nadu, from 100 per kg especially after the Onam festival season.
KK Devaraj, consultant, KPL Sudhi Coconut Oil, said that there has been a 20 per cent rise in all edible oils globally which was reflected in copra prices as well. He attributed the rise to drop in sunflower oil production in Ukraine, which is a major producer. Higher edible oil price has forced Tamil Nadu based dealers to hold their copra stock. Lean coconut season in Kerala has pushed up the prices as well, he said. He expects the supply to stabilize once the harvest season commences both in Kerala and Tamil Nadu.
Thalath Mahmood, President, Cochin Oil Merchants Association (COMA), said that accumulation of copra stocks by dealers caused the prices to spike. The high rates of copra are reflected in coconut oil prices, which are quoting at 215 in retail and 200 in the wholesale market, forcing consumers to shift to other cheaper edible oils. Consequently, copra rates have been ruling steady in the last few days, he said. He hopes the harvest season in December in Kerala to push down the prices.