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Sri Lanka Coconut auction prices climb

ECONOMYNEXT – Sri Lanka’s average coconut prices continues to grow to 3.2 percent to 56,885 rupees for a 1000 nuts at the auction in August, official data showed.

The highest price was 64,000 rupees for 1,000 nuts, down from 66,200 and the lowest 51,000 rupees up from 46,000 last weekat the auction conducted by Sri Lanka’s Coconut Development Authority on August 13.

Buyers offered 864,000 nuts at the auction and sold 693,000 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 liquidity injections in March and April put pressure on a soft-peg with the US dollar. Private credit has turned negative in May and June.

Sri Lanka’s coconut production in the six month to June was estimated to have dropped 13.6 percent from a year earlier to 1,367 million nuts. (Colombo/Aug 21 /2020)