On July 8th, the National Grain and Oil Information Center reported that last week, domestic palm oil prices rose significantly with the foreign market. On July 5th, the closing price of the 2409 contract for palm oil on the Dashangsuo was 8,014 RMB/ton, an increase of 348 RMB/ton or 4.5% compared to the previous week. The spot basis price in coastal areas was P2409+120-210 RMB/ton, which remained basically unchanged compared to the previous week. Recently, palm oil import profits have shifted from positive to negative, and companies have purchased fewer new ships. Shipping schedule monitoring shows that the average monthly arrival volume of palm oil from July to August was around 250,000 tons. The short-term tight supply of palm oil in China will continue, and it is expected that domestic palm oil prices will remain volatile and strong in July, with a stronger price trend than soybean oil and rapeseed oil.

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