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Publish Date : 14-Jul-2015

As they continue to look at import options, state agencies seem to be unaware of the price slide trend in coconut oil in the local market.

Market sources said the State Trading Corporation has just issued a tender to import 2,000 tonnes of coconut oil both crude and edible grade on CIF (cost insurance freight) basis through Mundra Port.

Cochin Oil Merchants Association (COMA) has voiced its concern over the decision, saying that the move would be detrimental at a time when coconut oil and copra prices are showing a declining trend, recording a drop of almost Rs.1,000/quintal both in Kerala and Tamil Nadu markets in less than a week.

Director, COMA, Thalath Mahmood, said that the decision for imports would impact the prospects of both traders and farmers who are reeling under price decline in the recent period.

In the meantime, the coconut oil market recorded a Rs.700 decline with the prices quoting Rs.10,400 in Kerala ( 11,200) and Rs.9,500 in Tamil Nadu against Rs.10,500 quoted last week. Copra prices also dropped to Rs.7,000/quintal in Kerala (Rs.7,600) and Rs.6,500 (Rs.7,500) in Tamil Nadu.

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