Market Update 24th May 2024

Key Highlights and Pricing Updates:

Coconut Oil and Products:

International Prices:

Coconut Oil (CIF Europe): $1,390.00 – $1,452.50 per MT

Desiccated Coconut (FOB): $0.80 – $0.95 per lb (USA and Europe)

Domestic Prices (Philippines):

Crude Coconut Oil: PHP 62.75 – 67.50 per kilo (VAT Exclusive)

RBD Coconut Oil: PHP 89.50 – 150.00 per kilo (VAT Exclusive)

Desiccated Coconut: PHP 5,188.00 – 5,476.00 per 100 lbs. bag (Manila)

Other News

Coconut oil prices remained relatively stable, maintaining a premium of over $200 per MT against palm kernel oil.

Due to shortages, tender coconut prices in India surged to Rs 60-75 from Rs 50 last summer.

The US saw a significant rise in lauric oil imports in March, with coconut oil imports increasing by 116.4% year-over-year.

Summary

We expect lower crop yields in the second half of the year due to La Nina weather patterns and higher rainfall in the first half. Q4 availability is already looking tight, so we encourage early ordering to ensure supply.