SunSirs: The Market for Soybean Oil and Palm Oil is still Bullish in China, and the Market is Fluctuating and Rising
July 21 2023 14:10:24 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, since July 10th, the soybean oil palm oil market has been fluctuating and rising. On July 10th, the average price of soybean oil market was 8,154 RMB/ton. On July 20th, the average price of soybean oil market was 8,418 RMB/ton, with a price increase of 3.25%. On July 10th, the average market price of palm oil was 7,690 RMB/ton. On July 20th, the average market price of palm oil was 7,834 RMB/ton, with a price increase of 1.87%.
Since July, the weather has turned hot, the temperature has rebounded, and the demand for oil terminals has been poor, resulting in weak market growth. Starting from the 10th, the futures price of soybean oil in the external market has risen, while Malaysian palm oil data is biased, with positive factors still present. The soybean oil palm oil market has returned to the upward trend, with soybean oil rising by over 3% and palm oil rising by nearly 2%.
SunSirs agricultural product analyst at SunSirs, believes that the rise in the soybean oil palm oil market this round is mainly driven by futures prices, and terminal demand is weak. The future rise in the soybean oil and palm oil market will still be under pressure.
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- 2024-04-12 SunSirs: Good News, China Palm Oil is Expected to Rise
