On August 20th, the benchmark price of palm oil in SunSirs was 9,690.00 RMB/ton, marking a 7.52% increase compared to the beginning of this month (9,012.00 RMB/ton).
On August 19th, the National Grain and Oil Information Center reported that in the first half of August, Malaysia's palm oil exports increased significantly month on month, and the reference price for September crude palm oil was raised. The export tax rate was also raised to 10%, boosting market confidence.
Secondly, Indonesia requires palm oil producers to maintain a monthly DMO (domestic market obligation) sales volume of 175,000 tons until the end of the year to support international palm oil prices.
Thirdly, the economic and trade relations between China and the United States are still uncertain, coupled with China's temporary anti-dumping measures on imported Canadian rapeseed. The market expects a tight supply of imported soybeans and rapeseed in the fourth quarter, and the bullish sentiment in the domestic oil market is strong, which is favorable for palm oil prices.
If you have any enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.
