For the Quarter Ending June 2023
North America
During the second quarter of 2023, coconut oil prices in North America saw a decline, following the trend in the European market. This drop in price indicates continued weakness in the market sentiment for coconut oil. The decrease was attributed to high coconut oil inventories in North America, ample supply, and the Russian suspension of trade in black sea grain. Additionally, a decrease in exports from exporting countries contributed to the downward price trend. The sharp decline in crude oil prices and decreased offers of Russian edible oil and grain also had a significant negative impact on the prices of corn, edible oils, and other grains. Higher interest rates and energy prices further affected import activity as production in exporting countries decreased significantly. Disrupted climatic conditions in North America also impacted trade activity from exporting nations such as the Philippines and Indonesia.
Asia Pacific
Coconut oil prices in the Asia-Pacific region, particularly in India, Indonesia, and the Philippines, experienced a downward trend. Overall, prices dropped by more than 3 percent in the Indonesian market during the second quarter of 2023. Weak demand, weakened vegetable oil markets, and falling crude oil prices were identified as the main factors contributing to this decline. Indonesia reported a smaller-than-anticipated trade surplus for May, with both exports and imports declining compared to the previous month. Similarly, in the Philippines market, the prices of coconut oil consistently dropped throughout the second quarter due to increased supply and higher stockpiles. In India, coconut oil prices steadily decreased due to low regional and worldwide demand, slower demand, and higher inventory levels. The diminishing trend in inquiries led buyers and traders to withdraw their future quotations from the market, further impacting market sentiment.
Get Real Time Prices of Coconut Oil: https://www.chemanalyst.com/Pricing-data/coconut-oil-1316
Europe
The European coconut oil market ended the second quarter of 2023 with prices continuing their downward trend. Subdued demand, weaker trade activity, and higher stockpiles among merchants contributed to falling prices across the domestic market. The decline in coconut oil prices in Europe can be attributed to sufficient reserves in the market and low purchasing sentiment. Suppliers focused on destocking their previous stockpiles rather than placing new quotations. Unfavorable weather conditions, an ongoing labor crisis, and increasing energy prices also led to a decrease in buying activity and imports of coconut oil in the European market.
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