Coconut oil prices likely to move up

Coconut oil prices are likely to move up on tight supply of copra from Tamil Nadu and relaxation of export norms by the Union government.

The Cabinet Committee on Economic Affairs on Thursday approved the export of coconut oil from all EDI ports and through land customs stations. Earlier, coconut oil could be exported only through the Kochi port.

?The move to allow coconut oil exports through other ports will help domestic producers to reach out efficiently to the large Indian population spread across the world,? Talat Mehamod, member of the Coconut Oil Merchants Association (COMA) and trader at the terminal market of Kochi, said.

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Coconut and coconut oil exports from India are seen increasing slowly despite good competition from neighbouring Sri Lanka. The large migrant Kerala population in the Middle East has been a good market for exporters. But the government has fixed a floor price of $1,500 per tonne for all edible oils exports. Talat expects the coconut oil market to remain firm and move up on short supply from Tamil Nadu.

Coconut oil prices were quoted R71 per kg on Friday evening when compared to R65-65 per kg a month ago.