Copra prices soar on low supply
A steep fall in copra supplies along with strong domestic as well as export demand fueled an unprecedented rally at the spices market today.
"The short fall in supply of copra stocks from growing regions and consistent demand from stockists amidst good export enquiries are the major factors for the surge in prices, traders said.
Copra Rajapur Mumbai and copra edible Mumbai both shot up by Rs 500 per quintal each to Rs 9,700 and Rs 7,500 from overnight closing level of Rs 9,200 and Rs 7,000.
Copra office Alapuzha and copra office Kozhikode also surged by Rs 200 per quintal each to Rs 6,000 and Rs 5,900 respectively, as against Rs 5,800 and Rs 5,700 yesterday.
Following are today's closing rates in Rs, with the previous rates in brackets:
Black pepper (per kg) 233/247 (233/247), ginger bleached (per kg) 230 (230), ginger unbleached (per kg) 245 (245), copra office Alapuzha (per quintal) 6,000 (5,800), copra office Kozhikode (per quintal) 5,900 (5,700), copra Rajapur Mumbai (per quintal) 9,700 (9,200) and copra edible Mumbai (per quintal) 7,500 (7,000).