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SunSirs: Bad News Strikes, Soybean Oil and Palm Oil Enters a Downward Channel, Prices Fall by 6.19% and 4.8% Respectively
December 03 2021 09:09:16SunSirs(Linda)

Since November 25, the soybean oil palm oil market has plunged, and the price has continued to fall, entering a downward channel. On November 25, the average price of soybean oil in the market was RMB 10,170/ton, and the average price of palm oil was RMB 10,200/ton; on December 2, the average price of soybean oil was RMB 9,540/ton, a 6.19% drop; the average price of palm oil was RMB 9710. /Ton, the price fell 4.8%.

Beginning in July 2021, soybean oil has risen for 4 consecutive months, with the highest increase in September, an increase of 6.31%. The soybean oil market fell sharply in November, with a decrease of 7.51%. The soy oil market surged in the second half of the year, mainly due to the increase in the external market, the low domestic soybean oil stocks, the strong palm oil in Malaysia, and the continuous surge in the soybean oil market. Beginning in mid-to-late November, the news came with negative news, and the market was dominated by the bearish market. Soybean oil prices fell one after another until the beginning of December.

Beginning in July 2021, palm oil has also risen for four consecutive months, which is stronger than soybean oil. The highest increase occurred in September, an increase of 7.94%. Like soybean oil, palm oil has risen for four consecutive months, mainly due to the outstanding performance of palm oil in Malaysia. Prices continue to rise, coupled with low palm oil inventories and support from terminal demand, prices continue to rise. Beginning in November, the market was dominated by bearish conditions, and the external oil futures prices fell. In addition, the palm oil market was too high, inhibiting transactions, prices began to dive, and the market continued to fall.

Bad news hits soy palm oil plunges

Beginning on November 25, the news that soybean oil was dumped, the palm oil market in Malaysia was weakened, and the market was negatively dominated. In addition, the price of palm oil was higher than that of soybean oil. The bad news hit, the soybean oil palm oil market fell sharply, falling endlessly until the beginning of December. From the ten thousand yuan mark down to 9,600-9700 yuan/ton, palm oil is still stronger than soybean oil. As of December 2, soybean oil has fallen by more than 6%, and palm oil has fallen by more than 4%.

Towards the end of the year, the rigid demand for fats and oils is still there, and there is still room for growth in soybean oil and palm oil in the future.

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

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