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Coconut authority reduces copra price

Palikir, POHNPEI (FSM Information Services): September 13, 2004 - The Coconut Development Authority (CDA) has announced that a reduction in the prices of dried coconut or Copra, from its current price of 0.13 cents per pound to 0.10 cents per pound.

Effective September 12 2004, until January 15 2005, copra prices will follow the rates as indicated:

Grade I. 0.10 per pound $ 200 per Short Ton
Grade II. 0.095 per pound $ 190 per S/Ton
Grade III. 0.09 per pound $ 180 per S/Ton

The decision of price change was issued during the recent CDA Board of Directors meeting in August. Chairman Catalino Sam reported to President Joseph J. Urusemal, that based on the reduction of the annual copra subsidy, "the funds available now would not carry the purchase of copra until the next fiscal year," unless the price of copra is reduced.

For more information, please contact:

Coconut Development Authority
P.O. Box 297
Kolonia, Pohnpei 96941
Ph: (691) 320-2892
Fx: (691) 320-5383
e-mail: FSMCDA@mail.fm