Bit of a bounce

Crude oil prices rose last week as figures showed lulls in US rig figures reaching 19th straight week. Palm oil last week has also seen some upturn in demand which along with increases with Soya has helped firm up edible oils. How long this run will continue is debatable since the market still thinks supply is outweighing demand and will continue through till the end of the year. For now though on Mondays trade prices continue to firm as demand spills over into this week. Coconut oil is safe for now above $1000 mark as it follows the rest of edible oils.

Desiccated remained weaker as supply continued to improve from the Philippines. Low demand at this time of the year along with this good supply has helped push prices lower. But these lower prices have gained quite a level of interest which will help support prices going forward. Add in the turn around in edible oils we could see prices firm up this week.

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