SunSirs: Supported by Positive Factors, the Market for Soybean Oil and Palm Oil Rebounded
May 30 2023 10:10:13 SunSirs (John)
Price trend
According to the market analysis system of SunSirs, the soybean oil and palm oil prices both stopped falling and rose this week, with soybean oil rising 0.83% and palm oil rising nearly 2%. At the beginning of the week, the average price of soybean oil market was 7,432 RMB/ton, on the weekend, the average price of soybean oil market was 7,532 RMB/ton, an increase of 0.83%. At the beginning of the week, the average price of palm oil in the market was 7,332 RMB/ton, on the weekend, the average price of palm oil in the market was 7,446 RMB/ton, an increase of 1.83%.
Positive factors were coming, and the market for palm oil and soybean oil was improving
This week, the Malaysian palm oil market rose. The weather warmed up, the substitution effect of palm oil increased, and inventory was continuously declining. Multiple positive factors supported the rise of palm oil prices, and the domestic spot market for palm oil had also risen. The mainstream quotation had risen to the line of 7,500 RMB/ton. In terms of soybean oil, driven by the palm oil market, the market had also experienced an increase, which was less than the increase in palm oil, with a relatively small increase of less than 1%.
Market outlook
Agricultural product analysts from SunSirs believe that the demand for terminal oils was still flat, and Malaysian palm oil was in the production increasing cycle. The external market was still bearish, and it is expected that the palm oil and soybean oil market will continue to operate weakly in the future, lacking power for a rise.
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- 2024-04-18 SunSirs: Daily Report of China Commodity Data (April 18, 2024)
- 2024-04-18 SunSirs: Multiple Bearish Factors Intertwined, China Palm Oil Market is Oscillating and Falling
- 2024-04-18 SunSirs: China Soybean Oil Market is constantly Falling, What will Happen in the Future?
- 2024-04-12 SunSirs: Good News, China Palm Oil is Expected to Rise
- 2024-04-10 SunSirs: China Soybean Oil Market and Palm Oil Market Declined after the Qingming Festival
