Financial Daily from THE HINDU group of publications
Saturday, Aug 10, 2002
Financial Daily from THE HINDU group of publications Saturday, Aug 10, 2002 |
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Agri-Biz & Commodities
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Coconut & Copra Coconut oil import seen impacting domestic trade G.K. Nair
KOCHI, Aug. 9 THE import of about 400 tonnes of copra and 200 tonnes of coconut oil last week is seen creating a negative impact on the domestic market. Crude coconut oil has been imported by a major company through the Cochin port under the conditions of value addition and re-export. In the international market, crude coconut oil is available at around Rs 21,000 a tonne and when it was refined it could be sold at Rs 25,000 per tonne. The ruling domestic price ranged between Rs 45,000 and Rs 48,000 a tonne. However, the trading sources here apprehended that if the imported oil was sold in the domestic market, it would have a serious impact on the domestic prices. According to them, ``it is a test dose to see as to how the market will react''. Coconut oil prices in Kerala had gone up to Rs 4,800 a quintal on Friday where as it was Rs 3,100 per quintal in the same time last year. The coconut growers are now getting Rs 4.5 per nut as against Rs 3 per nut last year. Thus, the farmers are now getting a moderate price for their produce. But import at this juncture is allowed, it is bound to have a negative impact. According to market sources, the imported oil could be sold in the local market while for re-export, coconut oil from the local market could be procured at the prevailing prices as the value-added product used to fetch a premium price.
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