SunSirs: After the National Day, Soybean Oil and Palm Oil Rose Sharply by 3.93% and 4.23% Respectively

On the first working day after the National Day, soy oil palm oil ushered in a good start. On October 8, the average price of soybean oil in the market was 10,460 yuan/ton, a single-day increase of 400 yuan/ton, an increase of 3.93% over the pre-holiday market; the average price of palm oil in the market was 10,210 yuan/ton, an increase of over 500 yuan/ton in a single day The previous rise was 4.23%, a 10-year historical high.

After the National Day, soy oil palm oil ushered in a supplementary increase, the market rushed to the sky

Since September, soybean oil palm oil has been showing a strong pattern. Before the National Day, the price of soybean oil has exceeded 10,000 yuan, and the price of palm oil is also close to 9,800 yuan/ton. During the holiday season, under the support of the biodiesel policy, the forecast for palm oil production in Malaysia was lowered. Palm oil in the foreign market rose by more than 7%, and soybean oil rose by nearly 4%. With the blessing of the external market, the market opened on the first day after the National Day, and soy and palm oil rose sharply.

On the 8th, soybean oil opened at 9702 yuan/ton, an increase of 392 yuan/ton, and palm oil opened at 9346 yuan/ton, an increase of 518 yuan/ton. The opening of the futures market rose sharply, which directly led to a sharp rise in the spot market. The mainstream spot price of soybean oil in Shandong is 10,500 yuan/ton, and the price has risen by about 400 yuan/ton. Palm oil rose by a large margin, the mainstream price was 10,200 yuan/ton, and the price rose by about 500 yuan/ton. At 3 o'clock, even soybean oil closed up 438 yuan/ton, and even palm oil closed up 630 yuan/ton.

This round of soy oil palm oil surge is mainly due to the blessing of the external market, coupled with the power cut and shutdown of soybean oil plants, terminal demand is improving, soy oil stocks are at the first line of 900,000 tons, and palm oil stocks are also hovering around 400,000 tons. Bullish support, soy oil palm oil has skyrocketed.

At present, the price of soybean oil palm oil is close to the ceiling, and market transactions are limited. After the surge, there will be a rational callback. Due to tight supply, soybean oil palm oil will remain high in the short term.

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