Copra plunges on hectic stockists selling

Copra prices plunged at the spices market here today on heavy selling from stockists and traders, amid fresh arrivals. 

"Besides fresh crop arrivals from growing regions, demand at its low ebb resulted the fall in copra prices," traders said.

Black pepper also moved down on lower offtake from domestic as well as export market.  

Copra office Kozhikode tanked by Rs 375 per quintal to Rs 6,250 from Monday's closing level of Rs 6,625 and copra office Alapuzha slumped by Rs 225 per quintal to Rs 6,500 against Rs 6,725 previously.

Copra edible Mumbai dropped by Rs 200 per quintal to Rs 7,300 as compared to Rs 7,500 and copra Rajapur Mumbai also fell by Rs 50 per quintal to Rs 7,900 from Rs 7,950 yesterday.

Meanwhile, both ginger bleached and unbleached maintained a stable trend in the absence of any worthwhile buying.

Following are today's closing rates in Rs, with the previous rates in brackets:

Black pepper (per kg) 245/263 (248/265), ginger bleached (per kg) 165 (165), ginger unbleached (per kg) 195 (195), copra office Alapuzha (per quintal) 6,500 (6,725)

copra office Kozhikode (per quintal) 6,250 (6,625), copra Rajapur Mumbai (per quintal) 7,900 (7,950) and copra edible Mumbai (per quintal) 7,300 (7,500)