Copra plunges on heavy stockists offloading

Copra prices plunged in an otherwise sluggish spices market here today due to heavy offloading by stockists and bulk traders.

"Despite ongoing festivities, there is almost nil demand for the copra, traders said.

Copra Rajapur Mumbai dropped sharply by Rs 250 per quintal to Rs 6,500 from overnight closing level of Rs 6,750 and copra edible Mumbai declined by Rs 150 per quintal to Rs 5,700 as against Rs 5,850 previously.  

Copra office Alapuzha also fell by Rs 50 per quintal to Rs 4,900 and copra office Kozhikode moved down by Rs 25 per quintal to Rs 4,800.

Meanwhile, black pepper, ginger bleached and unbleached remained stable in the absence of necessary buying support.  

The following are today's closing rates in rupees, with the previous rates in brackets:

Black pepper (per kilo) 203/221 (203/221), ginger bleached (per kilo) 235 (235), ginger unbleached (per kilo) 250 (250), copra office Alapuzha (per quintal) 4,900 (4,950)

copra office Kozhikode (per quintal) 4,800 (4,825), copra Rajapur Mumbai (per quintal) 6,500 (6,750) and copra edible Mumbai (per quintal) 5,700 (5,850)