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Sri Lanka coconut auction prices fall for third week

ECONOMYNEXT- Sri Lanka’s Average coconut prices fell 1.54 percent to 52,794 rupees for 1,000 nuts at the second auction in September 2020, with prices easing for the third week, official data showed.

The highest price was 56,600 rupees for a 1,000, up from 56,000 rupees last week and the lowest is 50,000 rupees flat from 50,000 rupees at the auction conducted by Sri Lanka’s Coconut Development Authority on September 11.

Buyers offered 870,000 nuts at the auction and sold 676,000 nuts.

Average coconut prices have fallen 7.7 percent from a peak of 56,885 reached on August 20.

Exports of coconut based products have risen in July, data show.

Sri Lanka’s coconut prices fell as low as 38,215 for 1,000 nuts when auctions resumed on April 09 after a break due to the Coronavirus crisis.

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 16/2020)

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