Market Update 4th November 2024
November 4, 2024
Prices for coconut oil started the week strong, ranging from $1,745 to $1,755 per metric…
MANILA, Dec 28 (Reuters) – Coconut oil exports by thePhilippines jumped almost a quarter from a year ago to 69,729tonnes last month, industry data showed, putting the world’s topsupplier of the commodity on track to meet this year’s forecastfor overseas shipments.
The United Coconut Associations of the Philippines (UCAP)had in March pegged 2015 coconut oil exports at 804,000 tonnes,but a crop-damaging El Nino later in the year stoked worriesabout supply. Recent rains have, however, eased concernsstemming from dryness linked to the weather pattern.
Preliminary UCAP data on Monday showed coconut oil exportstotalled 69,729 tonnes in November versus 56,017 tonnes a yearago, after three months of declines. This brings shipments overthe 11 months to November to 782,531 tonnes, down 5.6 percent.
Jesus Arranza, president of the Coconut Oil RefinersAssociation, said he remained optimistic UCAP’s full-year exportforecast would be met.
“I think that’s still achievable. December last year weshipped more than 32,000 tonnes,” he said.
Exports of 804,000 tonnes would be above 794,000 tonnesshipped in 2014, but lower than a 2009-2013 annual average of990,000 tonnes before Typhoon Haiyan – one of the strongeststorms to make landfall ever – uprooted millions of coconuttrees in central Philippines in November 2013.
Arranza said the country could export a bigger volume nextyear. “The El Nino impact on coconut production next year maynot be as serious as we had anticipated after the strong rainsin recent weeks, which could help improve yields,” he toldReuters. He declined to give a forecast for 2016 exports.
Coconut oil, the Southeast Asian nation’s top agriculturalexport used in food, detergents and biofuels, is shipped mainlyto Europe and the United States and traded on the Europeanvegetable oil market. (Reporting by Erik dela Cruz; Editing by Himani Sarkar)
Why not subscribe to receive the latest market news straight to your inbox to clinch the best deal!
November 4, 2024
Prices for coconut oil started the week strong, ranging from $1,745 to $1,755 per metric…
October 28, 2024
Price Trends and International Markets International coconut oil prices experienced a slight rebound this week,…
October 21, 2024
Price Movements in the International Coconut Market Coconut oil in Rotterdam traded at $1,718.50/MT CIF,…
October 14, 2024
In the week ending October 5, 2024, international prices for coconut oil in Europe dropped…
October 7, 2024
In the week ending September 28, 2024, international coconut oil prices in Europe increased slightly…
September 23, 2024
The price of coconut oil has increased slightly, while prices for palm kernel oil and…
If you require technical information about our products, then please login here to access the most up to date information...
Let's take a look at this...