SunSirs: Supported by Rigid Demand, China Soybean Oil and Palm Oil Markets Rise
November 23 2023 15:13:39 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, starting from November, the overall market of soybean oil and palm oil has rebounded, with a fluctuating upward trend. On November 1st, the average price of soybean oil market was 8,276 RMB/ton. On November 22nd, the average price of soybean oil market was 8,520 RMB/ton, with a price increase of 2.95%. On November 1st, the average price of palm oil in the market was 7,162 RMB/ton. On November 22nd, the average price of palm oil in the market was 7,490 RMB/ton, an increase of 4.58%.
Starting from November, the external soybean oil market has risen, while domestic soybean oil palm oil futures have also risen. The fourth quarter is the peak season for oil consumption, with an increase in terminal demand and active market transactions. The market for soybean oil and palm oil has risen. South American soybeans in the outer market have entered the planting season, with weather concerns and positive returns. Soybean oil palm oil is still operating at a high level, with palm oil rising significantly, exceeding 4.5%, and soybean oil rising nearly 3%.
SunSirs agricultural product analyst believes that the import of soybeans to Hong Kong has increased in the fourth quarter, but the supply side remains under pressure. After the rise of soybean oil and palm oil in the future, it may be lowered.
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