Greek crisis weakens markets

The current economic crisis in Greece has made the market rather nervous after Sundays No vote. Pick up any newspaper and they all have different views on what will happen next. Its that uncertainty which has pushed crude oil prices sharply lower and knock commodity prices as well. Add in that Palm oil stock continue to climb and you can see why prices have slide further this week and may continue until the current crisis is either ended or we at least know what will happen to the Euro. Coconut oil prices are hovering above the $1000 level but some believe that this could be breached later this week if news continues to be poor.

Philippine desiccated prices have remained firm as buyers have switched from Indonesia as the two origins prices narrowed very closely last month. In reaction Indonesia have recently seen their prices slide further as they compete back with Philippines. But as schools start to break up for summer holidays trading is expected to be patchy for next 6-8 weeks.