MANILA (Dow Jones)--World coconut oil prices were offered higher in the week
to Friday on the continued tight supply of copra and bullish indications in soy
and palm oil markets, trade participants said.
Higher crude oil prices are also providing support for vegetable oil markets
including coconut oil, said traders.
Soybean futures on the Chicago Board of Trade were mostly higher this week on
the potential for less 2008 soybean acreage.
Due to high prices, consumers were buying limited quantities as they waiting
for better prices before making large deals, traders said.
"Buyers are buying on a hand-to-mouth basis. At current high (price) levels,
they wouldn't want to buy so much," one trader said.
However, the export market is still at a discount of about $20/ton to local
prices in the Philippines, limiting supply and keeping upward pressure on
export prices.
Traders said prices in the export market could rise to catch up with local
prices next week, but there may be some resistance as prices of palm kernel
oil, a direct substitute of coconut oil, are currently at a discount around
$50/ton.
"This (lower palm kernel oil price) could put some pressure on coconut oil
prices," a second trader said.
Traders said high prices in the local market are attributed mostly to limited
supply of copra, the dried coconut meat from which the oil is extracted, due to
seasonal factors.
Copra supply is expected to start to improve in June when farmers are likely
to unload stocks to generate income ahead of the opening of schools, traders
said.
Philippine exports of coconut oil are projected to reach 80,000 tons in May,
down from around 120,000 tons in April.
Traders quoted coconut oil for May/June shipment at $1,490/ton, CIF
Rotterdam. Offers for June/July were quoted at $1,480/ton while July/August
shipment was offered at $1,480/ton, CIF. These prices were higher by around $30
from prices quoted a week ago.
The Philippines is the world's largest exporter of coconut oil and other
coconut-based products.
Регион | Закуп. | Изм. | Прод. | Изм. |
---|---|---|---|---|
ЦФО |
32900.00 | + 1950 | 33200.00 | + 2000 |
ПФО |
32000.00 | + 1690 | 32500.00 | + 1500 |
СКФО |
33000.00 | + 1350 | 33500.00 | + 1500 |
ЮФО |
33000.00 | + 1500 | 33500.00 | + 1500 |
СФО |
33000.00 | + 1000 | 34000.00 | + 1000 |
Регион | Закуп. | Изм. | Прод. | Изм. |
---|---|---|---|---|
ЦФО |
74000.00 | + 1000 | 74500.00 | + 1000 |
ЮФО |
73000.00 | + 1000 | 75000.00 | + 1000 |
ПФО |
73500.00 | + 1500 | 75000.00 | + 1800 |
СФО |
74000.00 | + 500 | 76000.00 | + 1100 |
Обсуждение