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Sri Lanka coconut auction prices up 40-pct amid higher harvests

ECONOMYNEXT – Sri Lanka raw coconut prices grew 3 percent to 41,167 rupees for 1000 nuts at a weekly auction of December 19, up from 39,823, extending gains made in recent weeks, amid an improvement in harvests, official data showed.

The December 19 auction price was up 40 percent from the October average of 29,475 rupees.

January through October Sri Lanka’s coconut production was up 21 percent to 2.6 million nuts.

Sri Lanka’s exports of desiccated coconut also picked up to 42,000 metric tonnes up to October up as prices were stable in the first half of the year despite a fall in the rupee last year.

However the central bank started to inject liquidity after July, reversing earlier prudent policy.

It also also engaged in a ‘operation twist’ style activity despite having a pegged exchange rate, analysts have said.

Global palm oil prices have also gone up.

At the December 21 auction the top price eased to 45,100 rupees for 1,000 nuts from 45,400 rupees a week earlier. The lowest price was 36,500 rupees, up from 35,000 rupees a week earlier.

Sellers offered 694,020 nuts for the auction and 643,607 were sold. (Colombo/ Dec 20/ 2019).

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