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Sri Lanka coconut auction price rally eases

ECONOMYNEXT- Sri Lanka’s average coconut prices fell -4.03 percent to 54,592 rupees for 1,000 nuts at the last auction in August 2020 ending a month long rally, official data showed.

The highest price was 62,000 rupees for a 1,000, down from 64,000 rupees and the lowest fell to 50,000 rupees from 51,000 rupees at the auction conducted by Sri Lanka’s
Coconut Development Authority on August 28.

Buyers offered 674,000 nuts at the auction and sold 466,000 nuts.

Sri Lanka’s coconut prices have picked from an average of 38,215 when auctions resumed on April 09 after a break due to the Coronavirus crisis.

Sri Lanka is taxing vegetable oils which are close substitute and has slapped general import controls after liquidity injections by the central bank in March and April put pressure on a soft-peg with the US dollar. (Colombo/Sept01/2020)