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Sri Lanka coconut auction price up 6.6-pct

ECONOMYNEXT – Sri Lanka’s average coconut prices grew 6.68 percent to 54,505 rupees for a 1000 nuts at an auction at the last auction in July, official data showed.

The highest price was 59,100 rupees for 1,000 nuts, up from 59,000 and the lowest 50,000 rupees up from 45,500 last weekat the auction conducted by Sri Lanka’s Coconut Development Authority on July 30.

Buyers offered 1,192,000 nuts at the auction and sold 989,000 nuts.

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

Sri Lanka is taxing vegetable oils and has general import controls after the central bank printed money in March and April triggering pressure on a soft-peg with the US dollar.

Sri Lanka’s coconut production was estimated to have dropped 12.6 percent to 679 million nuts in the first quarter of 2020 from a year earlier. (Colombo/Aug03 /2020)

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