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Sri Lanka coconut auction prices resume climb

ECONOMYNEXT- Sri Lanka’s Average coconut prices grew 5 percent to 56,494 rupees for 1,000 nuts at the last auction in September 2020, after easing for two weeks, official data showed.

The highest price was 61,000 rupees for a 1,000, up from 59,600 rupees last week and the lowest was 51,500 rupees up from 51,000 rupees at the auction conducted by Sri Lanka’s Coconut Development Authority on September 24.

Buyers offered 707,000 nuts at the auction and sold 529,000 nuts.

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

Sri Lanka had jacked up taxes on edible oil imports while

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/Sep28/2020)