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SunSirs: The External Market is Rising, and after the Spring Festival, China Oils Has a Good Start
February 19 2021 08:33:47SunSirs(Linda)

According to data monitoring by SunSirs, since January, the long-short game has started a big ups and downs of oils and fats, and the market is strange. Entering February, on the eve of the Spring Festival, the oil and fat market was relatively calm. During the Spring Festival, the external oil and fat rose sharply. After the holiday, soybean oil palm oil ushered in a sharp rise under the blessing of the futures market. On February 18, the average market price of soybean oil was 8,966 yuan/ton, a daily increase of 5.86%; the average market price of palm oil was 7,652 yuan/ton, a daily increase of 6.72%.

Beginning in December 2020, the overall rise and fall of soybean oil have been mixed, with a weekly increase of up to 3%, and the overall increase is still the main one. By January, soybean oil still rose by the daily limit, falling for two consecutive weeks, with a maximum decline of more than 3%. Near the end of the month, soybean oil rose by more than 5% and returned to the rising channel. In early February, demand weakened before the holiday, and soybean oil ushered in a decline again, with a drop of more than 2%. After the Spring Festival, soybean oil ushered in a good start, with a single-day price increase of 5.86%.

Beginning in December 2020, palm oil has risen across the board for four consecutive weeks. The market is better than soybean oil, with a weekly increase of up to 3.54%. By January, palm oil began to rise and fall, consistent with the soybean oil market. It fell for two consecutive weeks in the middle of the month, with a maximum decline of more than 3%. Near the end of the month, palm oil rose by more than 4% and returned to the rising channel. At the beginning of February, the demand for fats and oils weakened before the Spring Festival, and palm oil ushered in a decline again, which was relatively more resilient than soybean oil, with a decrease of 0.86%. After the Spring Festival, the palm oil market rose sharply, higher than that of soybean oil, and the price rose by 6.72% in a single day.

After the Spring Festival, the oil and grease will increase

In early February, the oil terminal stock market ended, and the price of soybean oil palm oil was relatively weak. During the Spring Festival, the US soybean oil and Malaysian palm oil surged across the board. Malaysia's palm oil export data increased significantly. According to relevant agency data, Malaysia's palm oil export volume from February 1-15 was 542,709 tons, an increase of 27.3% from the previous month. After the Spring Festival, soybean oil palm oil futures rose sharply, and the spot price rose with the market.

On February 18, the main contract with soybean oil opened at 8206 yuan/ton and closed at 8194 yuan/ton, up 230 yuan/ton. The main contract with palm oil opened at 7100 yuan/ton and closed at 7134 yuan/ton, up 254 yuan/ton. The soybean oil palm oil futures market was boosted, and the terminal replenishment enthusiasm was high. Traders' oil spot market followed up. The mainstream spot price of soybean oil exceeded 9,000 yuan/ton, an increase of nearly 6%, and the mainstream spot price of palm oil exceeded 7,600 yuan/ton, an increase Close to 7%.

SunSirs agricultural product analysts believe that the surge in soybean oil palm oil is due to the impact of the external market during the Spring Festival. After the holiday, the demand for fats and oils has declined. In addition, the market for fats and oils is at a historical high. The market outlook continues to rise with insufficient momentum and may usher in a callback.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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