Monday Apr 29, 2024
Monday Apr 29, 2024
Friday, 10 April 2020 00:00 - - {{hitsCtrl.values.hits}}
The Colombo Coconut Auction, conducted by the Coconut Development Authority (CDA), was held online for the first time yesterday, and over 500,000 coconuts were sold for an average price of Rs. 38.20 per coconut.
The auction is usually held every Thursday at 10 a.m. in Colombo but was held online for the first time in the 26 years that it has been conducted due to social distancing measures in place to contain the spread of COVID-19 in Sri Lanka.
According to CDA Director of Marketing Development and Research Sampath Samarawickrama, the eAuction saw the participation of seven suppliers, including the five Government suppliers Chilaw Plantation, Kurunegala Plantation, National Livestock Development Board (NLDB), Coconut Research Institute (CRI), and Coconut Cultivation Board (CCB).
When manually done, buyers sometimes directly purchase from the suppliers, but the CDA mainly looked at coordinating between the suppliers and brokers at the eAuction.
While the farmer’s price can be between Rs. 45 to Rs. 50 per coconut at these auctions, yesterday’s e-auction’s average price was slightly less than Rs. 40. However, Samarawickrama said, “If the farmer’s price is between Rs. 35 and Rs. 40, it is sufficient for the farmers to maintain their farms.”
“If the farmer’s price is around Rs. 35, the retail price comes to around Rs. 65 and per kilo price for factories comes to around Rs. 75. This is reasonable to all industries, and the industries don’t face any problems if these rates are maintained,” he added.
The eAuction was thus a success, Samarawickrama said, adding that everyone actively participated, and the auction was conducted via a video conference for three hours. While auctions will take place online until the situation in the country is under control, he added that measures are also being taken to resume factory operations and the manufacturing of coconut-based products will resume in the coming week.
