Market Report 14th October 2024
October 14, 2024
In the week ending October 5, 2024, international prices for coconut oil in Europe dropped…
Global Shipping
The container shipping industry is experiencing a notable surge in shipping rates, reaching levels not seen since the pandemic. This sudden increase is due to a combination of global factors, including increased demand, supply chain disruptions, and delays caused by the conflict in the Red Sea. The conflict has forced shipping around Africa, pushing up delays and costs.
Shipping companies are struggling to keep up with the high demand, leading to higher costs being passed on to consumers and businesses alike. The situation is also exacerbated by a shortage of containers in Chinese ports and port congestion, causing further delays and driving up prices.
Philippine Coconut Industry Developments
The Philippine government aims to plant 100 million coconut trees. This initiative is viewed as a pivotal step toward boosting the country’s coconut production and revitalising the industry.
However, the industry faces challenges, including financial constraints and climate-related issues. The PCA has estimated that a P2.5 billion budget is needed to fertilise 55 million trees and double local salt production, which is vital for coconut farming.
Despite these efforts, the ongoing dry weather in the Philippines is distressing coconut trees, leading to concerns about reduced crop volumes over the next 6-8 months.
Some trading houses are already purchasing Q4 supplies in anticipation of shortages.
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October 14, 2024
In the week ending October 5, 2024, international prices for coconut oil in Europe dropped…
October 7, 2024
In the week ending September 28, 2024, international coconut oil prices in Europe increased slightly…
September 23, 2024
The price of coconut oil has increased slightly, while prices for palm kernel oil and…
September 16, 2024
Coconut oil prices remain firm despite a lack of trading activity in key markets like…
September 9, 2024
Shipping News Container spot freight rates between Asia and Europe have dropped Rates on the…
September 3, 2024
Global Price Trends The global coconut oil market has seen a notable price increase after…
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