SunSirs--China Commodity Data Group

Member ID: password: Join Now!
Commodity News

SunSirs: Palm Oil Continues To Drive The Collective Rise Of Oil

November 06 2019 15:11:03     SunSirs (Eva)

On November 5, the palm oil commodity index was 69.81, up 2.43 points from yesterday, down 38.16% from the highest point 112.88 (2012-04-10), and up 35.45% from the lowest point 51.54 on December 16, 2018. (Note: cycle refers to 2012-03-01 to now) On November 5, soybean oil commodity index was 65.86, up 1.66 points from yesterday, 34.47% lower than the highest point of 100.51 (2011-09-12), and 31.67% higher than the lowest point of 50.02 on December 18, 2018. (Note: cycle refers to 2011-09-01 to now) On November 5, the rapeseed oil commodity index was 78.15, up 0.64 points from yesterday, down 30.75% from the highest point 112.86 (2012-09-23) in the cycle, and up 27.97% from the lowest point 61.07 on December 27, 2018. (Note: cycle refers to 2012-03-01 to now) According to the monitoring of SunSirs: on November 5, the oil sector once again ushered in a big rise, led by palm oil, with an average market price of RMB 5516 yuan / ton, a daily increase of 3.61%, 3.38% higher than the end of the month. Soybean oil took the second place, with an average market price of RMB 6733 yuan / ton, up 2.59% per day and 3.38% over the end of the month. Rapeseed oil rose with an average market price of RMB 7870 yuan / ton, up 0.83% per day, up 1.03% from the beginning of the month. According to data from several foreign institutions, horse palm oil export demand was strong in October. According to the shipping survey company amspec agri Malaysia, Malaysia's palm oil export volume during October 1-31 was 1532237 tons, up 17.5% month on month. According to SGS, Malaysia's palm oil exports during October 1-25 were 1522051 tons, an increase of 14.65% on a month on month basis. Palm oil rose nearly 3% on the back of strong demand data. Palm oil rose in the domestic market. Since November, the positive factors in the oil sector are still in place. Indonesia's palm oil production reduction is expected to increase, and the biodiesel theme is well supported. Driven by funds, the oil sector futures continue to soar. On May 5, the main contract of palm oil even closed at RMB 5404 yuan / ton, up RMB 156 yuan / ton. The main contract of Lian soybean oil was RMB 6378 yuan / ton, up RMB 72 yuan / ton. Zheng's main contract for rapeseed oil closed at RMB 7583 yuan / ton, up RMB 87 yuan / ton. Under the boost of futures market, the spot price of oil rose sharply. Among them, the palm oil performance is crazy, the mainstream quotation is RMB 5500-5600 yuan / ton, and the price rise is more than RMB 200 yuan / ton. The main quotation of soybean oil is RMB 6600-6700 yuan / ton, the price increase is more than RMB 150 yuan / ton, the main quotation of vegetable oil is RMB 7800 yuan / ton, and the price increase is more than RMB 50 yuan / ton. In January September 2019, China imported 8.029 million tons of edible vegetable oil, an increase of 40.4% year on year. The export volume was 197000 tons, down 11.3%. Among them, palm oil import was 5.194 million tons, an increase of 39.4%; soybean oil import was 6.06 million tons, an increase of 62.8%; vegetable oil import was 1.135 million tons, an increase of 22.9%. Li Bing, an analyst of agricultural products of business association, thinks: from the perspective of oil import volume, the supply is still loose. The oil market may be difficult to go far. After the big rise, it will stabilize or slightly callback. If you have any questions, please feel free to contact SunSirs with marketing@sunsirs.com.
Energy
Chemical
Rubber & plastics
Textile
Non-ferrous metals
Steel
Building materials
Agricultural & sideline products