Copra prices drop on heavy stockists selling

Copra prices dropped further sharply at the spices market here today due to consistent offloading by stockists and bulk consumers amid heavy arrivals.
Reduced offtake from crushing mills on expectations of further fall in copra prices along with adequate supplies from producing regions mainly weighed on the trading sentiment.
Meanwhile, black pepper, ginger and copra Rajapur Mumbai closed at their overnight levels in the absence of necessary buying support.
Copra office Kozhikode slumped by Rs 600 per quintal to Rs 9,600 from Tuesday's closing level of Rs 10,200.
Copra office Alapuzha and copra edible Mumbai both skidded by Rs 500 per quintal to Rs 9,800 and Rs 12,500, respectively, as against Rs 10,300 and Rs 13,000 yesterday.

Following are today's closing rates in Rs with previous rates in brackets:
Black pepper (per kg) 750/800 (750/800), ginger bleached (per kg) 330 (330), ginger unbleached (per kg) 350 (350), copra office Alapuzha (per quintal) 9,800 (10,300), copra office Kozhikode (per quintal) 9,600 (10,200), copra Rajapur Mumbai (per quintal) 15,500 (15,500), Copra edible Mumbai (per quintal) 12,500 (13,000).