According to the Commodity Market Analysis System of SunSirs, since August, terminal demand has been sluggish, external support is limited, and the domestic palm oil market has plummeted, with a decline of over 2%. On August 1st, the average market price of palm oil was 7,854 RMB/ton, and on August 9th, the average market price of palm oil was 7,682 RMB/ton, a decrease of 2.19% in price.

The palm oil market is under pressure to rise due to the interweaving of long and short positions

Starting from August, with high temperatures and flat demand for oil consumption, the quantity of palm oil purchased by end-users has declined, resulting in high palm oil inventories and doubled pressure. The export data of palm oil from Malaysia, the main producing country, is improving, but the overall support effect is limited. The external market lacks the driving force to raise prices, and domestic palm oil futures are oscillating downward, while the spot market is weakly declining. As of August 9th, the average price of palm oil in the market has dropped to 7,682 RMB/ton, falling below 7,700 RMB/ton.

SunSirs agricultural product analyst believes that the terminal oil consumption in August is in the off-season, and the external market lacks the driving force to raise prices. The future rise of palm oil is still under pressure.

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