SunSirs: Under the Pressure of Bearish Factors, the Palm Oil Market Continued to Decline
May 16 2023 13:50:05 SunSirs (John)
Price trend
According to data from the Commodity Market Analysis System of SunSirs, palm oil prices continued to decline weakly this week, falling by over 4%. On May 8th, the average price of palm oil in the market was 7,846 RMB/ton. On May 12th, the average price of palm oil in the market was 7,480 RMB/ton, a decrease of 4.66%.
Negative factors dominated, palm oil market continued to decline
This week, the Malaysian palm oil futures market continued to decline, and palm oil production in May is expected to continue to increase. The overall demand in the domestic oil terminal catering industry was weak, and the market for alternative soybean oil was declining. Under the leadership of bearish factors, the palm oil futures market continued to decline, and the spot market also followed suit. The mainstream quotation fell to the line of 7,500 RMB/ton, a decrease of nearly 5%.
Market outlook
SunSirs agricultural product analysts believe that Malaysia's palm oil inventory data was low, coupled with an increase in palm oil substitution, the future palm oil market is expected to see an upward trend.
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