The price of copra has nose-dived in the Salem Regulated Market Committee weekly market in Paramathivelur on Thursday.
The fall in the price is said to be due to the poor arrival of the crop and also the traders.
At the weekly auction held on October 27, 1,647 kg of copra was auctioned for Rs. 92,936. The nut fetched a price between Rs. 56.69 and Rs. 59.10 per kg.
The weekly auction held on Thursday (November 3) attracted traders from Tiruchengode, Erode, Sivagiri, Kodumudi and Vellakovil. The farmers had brought only 708 kg of copra. There were also not many traders to participate in the auction.
Due to this, the copra fetched a price between Rs. 55.89 and Rs. 59.29 per kg. The copra was auctioned for a total amount of Rs. 39,422, the sources said.
