MANILA (Dow Jones)--World coconut oil prices were offered higher in the week
to Friday on weather-induced tightness of copra and bullish sentiment in the
soyoil market, said trade participants.
The market was also in an upward technical correction following sharp
declines over the past several weeks amid limited copra supply, they said.
Soybean futures on the Chicago Board of Trade rallied to new record highs
this week amid supply concerns. The market was boosted mainly by projections of
smaller acreage and tighter supplies.
Rising concern that new crop soybeans could have a smaller carryover than
2007-08's tight supply forecast is increasing interest in nearby futures, said
U.S. analysts. They said weather concerns are raising fears of potential yield
losses for new crop soybeans, and that is encouraging end-users to cover as
many needs as possible with old crop futures amid the uncertainties of new crop
potential.
Manila-based traders said coconut oil prices were also underpinned by limited
deliveries of copra due to seasonal factors.
Traders said harsh weather conditions have further aggravated supply
tightness as the onset of the rainy season poses harvesting and drying
difficulties.
Incessant rains also make it more difficult to transport copra, traders said.
Supply of copra, the dried coconut meat from which the oil is extracted,
isn't likely to improve substantially until the end of the third quarter.
Last month, Philippine coconut oil exports rose 58% to 79,345 tons from a
month earlier despite limited copra deliveries. Exports last month improved 15%
compared with exports in June 2007.
The increase, however, was due to a vessel delay from the previous month.
Also, recent discounts in prices prompted some millers to unload their stocks.
Traders said the coconut oil market will continue to track developments in
the trendsetting palm and soy markets.
Friday, traders quoted coconut oil for June/July and July/August shipment at
$1,500/ton, cost, insurance and freight Rotterdam. Offers for August/September
shipment were quoted at $1,495-$1,500/ton, CIF. These prices are $20-$50/ton
higher than 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 |
29800.00 | + 650 | 30000.00 | + 840 |
ПФО |
28940.00 | + 990 | 29000.00 | + 950 |
СКФО |
29450.00 | + 750 | 30000.00 | + 1050 |
ЮФО |
29250.00 | + 1100 | 29700.00 | + 750 |
СФО |
29300.00 | + 900 | 29500.00 | + 1200 |
Регион | Закуп. | Изм. | Прод. | Изм. |
---|---|---|---|---|
ЦФО |
72000.00 | + 1000 | 73300.00 | + 50 |
ЮФО |
69800.00 | + 0 | 74000.00 | + 0 |
ПФО |
71500.00 | + 500 | 73100.00 | + 100 |
СФО |
72500.00 | + 500 | 74900.00 | - 100 |
Обсуждение