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Sri Lanka coconut auction prices fall for second week

ECONOMYNEXT- Sri Lanka’s average coconut prices fell -1.77 percent to 53,624 rupees for 1,000 nuts at the first auction in September 2020, for the second week running, official data showed.

The highest price was 56,000 rupees for a 1,000, down from 62,000 rupees and the lowest is 50,000 rupees flat at the first auction conducted by Sri Lanka’s
Coconut Development Authority in September 2020.

Buyers offered 1,000,000 nuts at the auction and sold 700,000 nuts at the auction on September 03.

Over the past two weeks, prices have fallen 6 percent from a peak of 56,885 rupee for 1,000 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 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 months to June was estimated to have dropped 13.6 percent from a year earlier to 1,367 million nuts. (Colombo/ Sep 08/2020)