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Sri Lanka coconut auction prices up 27-pct in a month

ECONOMYNEXT – Sri Lanka raw coconut prices grew 4 percent to 39,823 rupees at a weekly auction of December 13, up from 38,275, extending gains made over several weeks, official data showed.

The top price went up to 45,400 rupees for 1,000 nuts from 45,200 rupees a week earlier. The lowest price was 35,000 rupees, up from 34,000 rupees a week earlier.

The average price for a 1,000 coconuts went up 4.04 percent at the auction on December 12, 39,823 rupees from 38,275 a week earlier.

Sellers offered 869,000 nuts for the auction and 589,000 were sold.

The average price for a 1,000 coconuts had gone up 27 percent at four auctions since November 21.

Sri Lanka’s rupee collapsed in 2018, but domestic demand was muted, amid tight liquidity.

However the central bank reversed prudent monetary policy around August and began injecting money and maintained high levels of excess liquidity.

Sri Lanka’s rice prices have also soared. Global commodity prices were also weak in 2017, after an underlying gain in the US dollar as the Fed hiked rates withdrew large volumes of excess liquidity from the banking system.(Colombo/Dec 16/2019)

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