Sri Lanka, Oct. 28 -- The Coconut Cultivation Board has revealed that intermediaries are earning profits of around Rs. 40-50 by selling coconuts purchased at Rs. 134 for Rs. 180 at the coconut auction.

Board Chairman Sunimal Jayakody said the high warehouse market prices are due to the absence of a controlled price for coconuts. He urged intermediary traders to release coconut stocks to the market at a minimum price to stabilize the situation.

In response, the Coconut Cultivation Company, the Coconut Development Board, and the Coconut Cultivation Board are preparing a joint recommendation for the auction after thorough discussions.

Coconut production has also seen an increase, rising from 2,754 million nuts last year to 2,800 million t...