Vegetable oil prices hit multi-month highs in February

The global vegetable oil market continues to exhibit volatility. According to the World Bank, palm oil prices in February reached their highest levels since March last year, breaking the psychological barrier and settling at multi-month highs.

During the reporting period, palm oil prices rose 3.7% compared to January. The cost per ton of product increased from $1,004.66 to $1,041.60. The last time such a high level was recorded was in March 2024, when a ton of oil was valued at $1,067.60.

Analysts attribute the price increase to both seasonal factors and global demand. Along with palm oil, other commodities also showed strong growth:

• Soybean oil increased by 10.1% over the month, reaching $1,270.47 per ton (versus $1,153.54 in January).
• Peanut oil reached its highest price since July 2024, up 6.2% to $1,829.34 per ton (from $1,722.60).
• Coconut oil increased in price by 2.8% to $2,259.13 per ton. This product is traditionally in demand not only in the food industry (chocolate, ice cream, and snacks), but also in the pharmaceutical industry for dietary supplements, and in the cosmetics industry for skin and hair care products.

According to OleoScope, the price of sunflower oil (FOB Black Sea) for March delivery was $1,327.50 per ton, $42 higher than the previous month ($1,285.00 per ton). This increase represented 3.27%.

Experts note that current market conditions may impact the cost of final products in the confectionery and oil and fat industries in the coming months.

Tags: prices, palm oil, edible oils, coconut oil, sunflower oil, soybean oil