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Commodity Tips, Coconut oil prices surge on drop in copra output
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Supply constraints and lower production have pushed up coconut oil and copra prices to a new high in recent months.
Coconut oil prices are now ruling at ₹196/kg in Kerala while it touched ₹192 in Tamil Nadu. Copra prices are hovering at ₹144/kg in the Kerala market and ₹140 in Tamil Nadu.
According to Thalath Mahmood, Director, Cochin Oil Merchants Association (COMA), there has been a 40 percent drop in copra production due to failed monsoon last year in several growing areas of Kerala, Tamil Nadu, Karnataka and Andhra Pradesh. The ongoing Sabarimala pilgrim season also led to a rise in demand for raw coconuts, which resulted in the non-conversion of copra.
However, he added that the high prices have paved the way for the entry of adulterated coconut oil in the domestic market, and the association has approached the Kerala High Court seeking directives to take urgent steps in this regard.
Shortage of copra
Officials at the Coconut Development Board pointed out that the copra-making process has lost its sheen and has now turned out to be a losing proposition. Copra-making has come to a standstill in Kerala and in Tamil Nadu – there is acute shortage of milling copra, which in turn has pushed up the price of coconut oil.
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