Place it (either in chunks or grated) in a plastic bag and refrigerate up to 2 days. To keep fresh longer, wrap the prepared coconut in plastic and then in aluminum foil, and freeze for up to 2 months.
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Check the package, it should say in fine print. Coconut milk is good for 7-10 days after opening; however, you can freeze smaller portions in muffin tins, ice cube trays, etc and just thaw when needed.
If unopened a coconut is good for 1 week if kept unrefrigerated. If refrigerated it can be kept 2-3 weeks. If frozen, it is good for 12 months.