ECONOMYNEXT – Sri Lanka’s coconut auctions have resumed after a floor price was dropped with 1.3 million nuts traded at the last auction, industry officials said.
At the auction on July 11 in Colombo, 1000 husked coconuts fetched an average price of 22,391 rupees with 1,385,856 nuts traded. Over 6.4 million nuts were offered.
Sri Lanka’s coconut auctions were halted after a floor price of 28 rupees per nut was set.
The floor price was lowered to 24 two week ago, but only one lot was traded.
Active trading has now resumed with the floor price being lowered to 22 rupee a nut.
Sri Lanka’s coconut prices have fallen sharply amid better harvests.
Milling Superior 1 copra was traded at Rs36,500 a 250kilogram lot. (Colombo/July15/2019