Market Report 7th October 2024

In the week ending September 28, 2024, international coconut oil prices in Europe increased slightly to $1,761.95 per metric ton CIF, a rise of $14.95 from the previous week. However, there was limited buyer interest, and most of the trading activity focused on forward positions into 2025.

Meanwhile, the coconut oil premium over palm kernel oil continued to narrow, down to $258.45/MT from $362.00/MT the previous week.

 The local coconut oil market remained firm, with crude coconut oil selling for P88.50-90.00 per kilo, reflecting a consistent price rise.

In Vietnam, Ben Tre, the country’s leading coconut-producing province, is gearing up to export fresh coconuts to China following a recently signed protocol on phytosanitary requirements.

Shipping News

Container prices have continued to fall, with Drewry’s World Container Index decreasing by 5% to $3,489 per 40ft container this week from a high of $5,937 in mid-July. Shipping times are still longer from Asia to Europe with the continuing issues in the Red Sea not showing any sign of ending soon, so we expect prices to remain higher than the lows from Q4 2023.

The strike by the longshoremen in the US has ended. The International Longshoremen’s Association, the union representing 50,000 members covered under the contract with the United States Maritime Alliance, returned to work early on Friday after the two sides reached an agreement on the key dispute that started the strike early on Tuesday.