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SunSirs: After New Year's Day, China's Soybean Oil and Palm Oil Rally is back
January 10 2022 08:31:35SunSirs(Linda)

After New Year's Day, soybean oil and palm oil rose again, the price oscillated up, returned to a high level, and the price of palm oil once again exceeded 10,000. As of January 7, the average market price of soybean oil was 9,732 yuan/ton, up 1.27% from the beginning of the month and 5.78% from December 20; the average market price of palm oil was 10,016 yuan/ton, up 4.78% from the beginning of the month; On the day, the price rose 7.94%.

Soybean oil, palm oil rally resumes as bullishness strikes

Beginning on December 20, under the support of bullish factors, soybean oil and palm oil continued to rise, and prices rose one after another, with an increase of more than 5%, and palm oil rose even more, close to 8%. In the outer disk, South American soybeans are in the growing period, and the dry weather is hyped. Due to heavy rains in Malaysia, floods occurred, and palm oil supplies fell. Supported by multiple positive factors, the price of soybean oil and palm oil continued to rise sharply, and palm oil once again exceeded 10,000. As the soybean oil and palm oil futures market rose too fast, the market turnover was average. After the surge, adjustments were made one after another, and the soybean oil and palm oil market oscillated and rose.

The news is still bullish, and there is still room for growth in the soybean oil and palm oil market outlook.

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