Up Up Up

The edible oil futures market continues to rise at a pace. The reason is that figures show that exports during March rose just as crops are dropping away! Add is higher other edibles oils and it pushes up prices further. Fortunately this week there is no technical data due so this week things might be slightly calmer. Coconut oil tracked other edible oils but also rose sharply as concerns over dry weather continued to weigh on the market. Coconut oil closed Friday at $1745 which was up $100 or 6% rise!

As coconut oil prices runs away so desiccated prices are being dragged upwards as well. Shippers are struggling to keep prices updated and low supply of raw nuts is also hampering production as well. Desiccated shipments are late from Indonesia as well which is helping push up prices. Its only really Sri Lanka that’s bucking the trend as their prices are slightly weaker as they seek buyers.