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Sri Lanka coconut prices up at online auction

ECONOMYNEXT – Sri Lanka’s average coconut prices grew to 6.5 percent to 47,098 rupees for a 1000 nuts from 44,241 rupees a week earlier, the highest since January 2020, data from the second action in May showed.

The May 16 prices are the highest seen since January 30, when prices hit 49,382 rupees.

The key buyers at the auctions are from industrial sectors such as dessicated coconut and oil mills.

Sri Lanka has been conducting coconut auctions online through zoom.com from last month as the country was shutdown to stop an outbreak of Coronavirus.

Average prices fell to 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 auction the highest price was 56,100 rupees for a 1,000 nuts and the lowest, 40,000 rupees.
Buyers offered 552,579 nuts at the auction and sold 480,852. (Colombo/May 19/2020)