Sri Lanka Coconut auction prices down 15-pct over two weeks
ECONOMYNEXT – Sri Lanka’s raw coconut prices fell for the second week in a row, tumbling 15 percent to 42,977 for a thousand nuts in the second week of February, from a peak of from a peak of 49,382 for the average price reached on January 30, data shows.
The top price at the weekly auction fell to 50,000 rupees for 1,000 nuts from 56,100 rupees from
a week earlier.
The lowest price was 40,000rupees, at the auction on February 13, flat from a week earlier.
Sellers offered 450,000 nuts for the auction and 310,000 were sold.
Sri Lanka coconut prices surged in the second half of 2019, despite better harvests, amid demand from exporters for dessicated coconut and monetary loosening at home, analysts said.
Vegetable prices also rose.
Sri Lanka raw coconut prices continues to fall 8.44 percent to 42,977 rupees for 1000 nuts at the auction on the second week of February down from 46,939, on February 06, official data showed.
Sri Lanka’s average coconut auction prices have risen 56 percent over two months from the third week of November to third week of January.
Coconut auction prices are still up 98 percent from July. (Colombo/Feb 17/2020)