Market Update March 7th 2023
March 7, 2023
As Q1 2023 draws towards an end, what have we learnt about the market so…
The headline news from last week is Indonesia decision to increase Palm oil export tax from $3 to $18 from 1st February. This is a measure to protect domestic buyers from rising prices and slow export trade. This action is really on the back of strong prices already fro 2017 and prices that seem likely to continue to rise as crops continue to fall below expectations. With rising prices for competing Soy on the back of new US president and his protectionism policies. Add in currency weakness in Malaysia and you can see why prices are hitting highs. But what if America does bring in a import tax on Palm Oil? Will prices fall quickly? Coconut oil has been tracking other edible oils higher but also tight supply caused by end of year typhoons is also helping to push prices even further.
Desiccated prices have been much firmer of late tracking coconut oil prices. However strong supply from new start up mills in the Philippines and competition from Indonesia are all keeping prices from running away. In fact news that one Philippine shippers has a warehouse full of stock to sell is keeping prices much lower then we would of expected. The warning is that this extra supply might not last too long.
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March 7, 2023
As Q1 2023 draws towards an end, what have we learnt about the market so…
January 30, 2023
We wanted to let you know that one of our client's email accounts has recently…
January 10, 2023
So, what does 2023 hold for desiccated coconut and coconut oil prices, along with prospect…
December 9, 2022
2022 has been a bumpy year for edible oils and desiccated coconut. Coconut oil hit…
November 9, 2022
Uncertain Times Palm oil has been trading slightly weaker recently, with continued China lockdowns being…
November 1, 2022
The Philippines is recovering from tropical storm Nalgae, which caused deadly flooding over the weekend.…
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