SunSirs: Futures Market Boosted, and Soybean Oil and Palm Oil Rose after the Spring Festival
February 01 2023 10:04:36 SunSirs (John)
Price trend
According to the monitoring data of SunSirs, after the Spring Festival, the futures of soybean oil palm oil rose at the opening and the spot market followed the rise. On January 11, the average price of soybean oil market was 9,204 RMB/ton. On January 30, the average price of soybean oil market was 9,656 RMB/ton, up 4.91%. On January 11, the average price of palm oil market was 7,614 RMB/ton, and on January 30, the average price of palm oil market was 7,980 RMB/ton, up 4.81%.
Futures market boosted, and soybean oil and palm oil prices rose after the holiday
During the Spring Festival, the catering industry had recovered and the demand for oil had improved. After the holiday, the production resumed, the concentrated consumption of oil increased, and the opening price of soybean oil palm oil rose one after another. On January 30, the main contract of soybean oil was 8,912 RMB/ton, up 134 RMB/ton; Dalian palm oil main contract closed at 8,012 RMB/ton, up 144 RMB/ton. The futures market boosted, and the domestic spot price of soybean oil and palm oil rose one after another. The average price of soybean oil market was 9,656 RMB/ton, up 4.71%; The average market price of palm oil was 7,980 RMB/ton, up 4.59%.
Market outlook
According to the agricultural products analysts of SunSirs, in February, the soybean oil plants have resumed operation, the supply of soybean oil has increased, and the performance of Malaysian palm oil is poor. The future soybean oil and palm oil market may be dominated by weak operation.
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