Sri Lanka fresh coconuts up 6.4-pct at auction
ECONOMYNEXT – Sri Lanka’s average price or fresh coconuts rose 6.4 percent from a week earlier to 32,770 rupees per 1,000 nuts, as harvests recover from a drought and world market prices also fall, bottoming out from a 30 percent plunge a week earlier.
At this week’s auction in Colombo 972,772 nuts were offered at 787,987 were sold.
Last week, fresh coconuts plunged almost 30 percent from a fortnight earlier to 30,793.
Industry sources say the closure of many desiccated coconut mills as prices soared in early 2018 amid a drought – who are the main buyers at the auction – had reduced prices.
Sri Lanka’s coconut output is projected to rise 20 percent in 2018 from a year earlier by the Coconut Research Institute.
In July/August output was projected to rise to 30 percent to 512.5 million nuts from 394.7 million nuts.
Coconut farmers got record prices for their nuts up to the middle of this year, as output fell amid the drought.
Farmers are now seeing better harvests, but lower prices per nut.
Coconut consumption is also expected to rise as retail prices fall and DC mills and oil mills re-start operations. (Colombo/Aug23/2018)