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Sri Lanka coconut auction prices ease lower for third week

ECONOMYNEXT – Sri Lanka’s average coconut prices fell 0.31 percent to 48,118 rupees for a 1000 nuts at last auction on June 11, from 48,269 rupees a week earlier, extending a two week fall, official data showed.

The highest price was 56,600 rupees for 1,000 nuts, and the lowest, 44,000 rupees at the auction conducted by Sri Lanka’s Coconut Development Authority on June 11.

Buyers offered 1,181,880 nuts at the auction and sold 572,543 nuts.

Sri Lanka’s coconut prices have picked up steadily from an average of 38,215 when auctions resumed on April 09 using zoom.com, after the prices dropped from 45,500 rupees on March 12.

Palm oil, close substitute for coconut oil has been taxed at 350 rupees a kilogram while coconut oil imports have been restricted.

Many imports have been controlled after the central bank printed money, driving prices up.

Sri Lanka’s coconut production was estimated to have dropped 12.6 percent to 679 million nuts in the quarter of 2020.

Prices peaked at 50,302 in May amid shortly after Coronavirus curfews were lifted. Coconut plantations as well as buyers faced difficulties in plucking and husking coconuts during Coronavirus curfews but demand was also week.

Sri Lanka has made strong progress in containing Coronavirus. (Colombo/June 17/2020)