RP exports more cooking oil

RP exports more cooking oil

MANILA (Reuters): Coconut oil prices in Rotterdam may decline this week on prospects of more exports from the Philippines, Manila vegetable oil traders said yesterday.

"Exports in July are still huge, probably in the range of 100,000-110,000 tonnes from the Philippines alone. This could put some pressure in Rotterdam prices, which is still keeping huge stocks," said a senior Manila trader.

The Philippines, the world's largest exporter of coconut oil, has exported a monthly average of 109,000 tonnes of coconut oil in the first half of the year due to carryover stocks from last year's harvest, traders said.

"With stock levels flowing up to the brim in Rotterdam, prices could fall between US$10 and $15 per tonne CIF this week," another trader said.

Coconut oil stocks in Rotterdam hit 147,113 tonnes on July 7, or more than two months' supply in Europe, from the week-earlier 149,806.