Market Update 6th May 2024

Desiccated Coconut  

Global FOB prices have remained steady for the fourth consecutive week, ranging from 145 to 185 cents per pound.  In the Philippines, local prices have decreased slightly to ₱5,089–₱5,372 per 100 lbs. bag compared to last week.

Coconut Oil

International CIF prices increased to $2,653.75 per metric ton, up $10.25 from the previous week. Robust global demand continues to drive the price premiums over palm oil and palm kernel oil.

Coconut Oil Prices in the Philippines)

Prices have climbed again to ₱156.00–₱162.50 per kilo for crude coconut oil and ₱164.50–₱169.00 per kilo for refined, bleached, and deodorised (RBD) oil.

Demand Surge for Coconut Oil 

With cocoa butter prices spiking, confectioners increasingly use coconut oil as a cost-effective alternative. Due to tighter supply and steady demand, U.S. coconut oil prices have reached 150 cents per pound, which is over 127% higher than the five-year average.

Global Trade & Regulation News 

China Diverts UCO Exports: Due to a 125% tariff from the U.S., China is redirecting its used cooking oil exports to Europe and various Asian markets. Which may lead to price drops and market moves.

EU to Simplify Deforestation Law: The European Commission has published more guidance on its deforestation regulation, which impacts key commodities such as palm oil, soy, and cocoa.

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