Mixed news

Crude oil this week has weaken recently as supply glut still weighs heavily on the market. Even a drop in US rig count has done little to halt the recent slide in prices. The perception is that the OPEC will continue to ramp up production ahead of a meeting at the beginning of December. The view on Palm oil is mixed as some analysts thinks lower crude oil prices will continue to pin prices lower however other believe that the ‘El Nino’ effect will hamper production enough to push prices up by middle of 2016. Coconut oil for now is tracking other edible oils slightly higher as ‘El Nino’ and earlier dry weather impacts on supply.

Desiccated prices are for the most part firmer across all the supply origins. Smoke/haze seems to impacting Indonesia and Vietnam has buying from China pushing up prices. Sri Lanka also has seen prices slightly higher as demand picks up a little. Philippines shippers are keen to push through even higher increases as concern about higher oil prices next year weigh heavily on them.

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