Sri Lanka coconut auctions go online
ECONOMYNEXT – Sri Lanka’s coconut auctions are conducted online to minimize person-to-person contact during a Coronavirus curfew where many business activities are permitted under health rules aimed a social distancing,
Sri Lanka’s coconut auctions started 26 year ago and are usually conducted in Colombo and Kuliyapitiya by the Coconut Development Authority.
The Colombo auctions resumed on April 09, under curfew with brokers working online using zoom.com, an official said.
Sri Lanka’s century old tea auctions also went live during the Coronavirus curfews using a new online platform.
But Sri Lanka’s stock market which has a sophisticated online trading platform was closed for 7 weeks.
Coconuts at auctions are mostly bought by desiccated coconut and oil millers.
Sri Lanka’s average coconut prices grew to 0.8 percent to 44,241 rupees for a 1000 nuts from 44,162 rupees a week earlier, at the last weekly online auction in May 06, 2020.
Average prices fell to at 38,215 for a 1,000 nuts on April 09, on the first day of the online auction, before starting to pick up.
At the last auction the highest price was 50,400 rupees for 1,000 nuts and the lowest, 40,000 rupees.
Buyers offered 1,471,955 nuts at the auction and 1,238,000 were sold. (Colombo/May 12/2020)