SunSirs--China Commodity Data Group

Sign In

Join Now

Home > Commodity News > News Detail
Commodity News
SunSirs: Bullish Still Remains, Palm Oil and Soybean Oil Continued to Rise in the Chinese Market in July
July 27 2021 08:35:16SunSirs(Linda)

Since July, due to the game of long and short factors, palm oil and soybean oil has also shown a short-term callback while rising. Palm oil and soybean oil has continued to rise as a whole under the external market. Palm oil rose significantly stronger than soybean oil. In early July, the average market price of palm oil was 8,612 yuan/ton, and on July 26, the average price of palm oil was 8,965 yuan/ton, an overall increase of 4.1%. At the beginning of July, the average soybean oil market price was 9,116 yuan/ton, and on July 26, the average soybean oil market price was 9,310 yuan/ton, and the price increased by 2.12%.

From July to July, palm oil showed an overall increase, with only 4 weeks showing a decline, with the largest drop of 8%. Under the strong boost of Mapan palm oil, palm oil rose relatively well, with the largest weekly increase of 6.88%, which appeared in early May. The performance was poor in the first half of June. In July, palm oil was relatively sluggish in the first half of the month. After a callback, it returned to an upward trend.
From May to July, soybean oil has been showing ups and downs, with more weekly increases. Soybean oil saw the biggest weekly increase after May Day and at the end of June, as high as 4.44%. In mid-June, soybean oil fell the most, with a drop of 8.72%. Beginning in May, the Soybean Oil State Reserve Auctions have been launched one after another. The soy oil growth rate, which has continued to skyrocket, has declined. In addition, the pressure on soybean oil inventories has increased.

Malaysian market palm oil performed strongly in July palm oil led soy oil to rise

Beginning in July, due to the strong export data of Malay palm oil from the external disk, the MPOB report showed that June output increased to 1,606,187 tons, an increase of 2.21%, and exports increased by 11.84% month-on-month to 1,418,800 tons. Crude oil prices have risen, palm oil in the external market has continued to rise, and palm oil has continued to be strong, and the spot price of palm oil has continued to rise. From July 1st to 12th, palm oil increased by 3.66%. Boosted by the palm oil market, soybean oil also started to stop falling and rising. From July 7th to July 12th, soybean oil rose 3.18%.

On July 13th, palm oil ushered in a dive after the sharp rise, and soybean oil continued to rise. As soybean oil stocks are on the front line of 900,000 tons, the pressure is relatively high, which restrains the soybean oil market to a certain extent. Towards the end of the month, the forecast for palm oil production in Malaysia has been lowered, and bullish factors have revived. Soybean oil palm oil once again ushered in a rising market.

In the external market, the soybean oil palm oil market has not really fallen deeply, and the pattern of strong oils and fats is still in the short term.

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

8 Industries
Energy
Chemical
Rubber & Plastics
Textile
Non-ferrous Metals
Steel
Building Materials
Agricultural & Sideline Products