The World Bank notes a decline in global prices for coconut and palm oil

Average global prices for palm oil, as well as coconut oil, which is also widely used in confectionery production, pharmaceuticals, and cosmetics, fell in November compared to October, according to World Bank data.

Palm oil saw the biggest decline, with its average price in November falling to $970 per ton from $1,038 a month earlier, a 6.6% drop.

Also, according to the organization, the average price of coconut oil in November was $2,469 per ton, down 3% from $2,547 in October.

As a reminder, coconut oil transformed from a niche product into a strategic commodity over the summer. Prices soared to $4,840 per ton in India and $2,990 globally, driven by a sharp imbalance in supply and demand.

Meanwhile, the average price of soybean oil also decreased, albeit slightly—by 0.5% compared to the previous month, to $1,126 per ton from $1,132 in October.

The price of peanut oil, meanwhile, increased by 4% to $1,693 per ton in November from $1,628 the previous month.

Tags: prices, palm oil, coconut oil