SunSirs: Long Short Game, China Soybean Oil Market is Oscillating and Falling
January 18 2024 10:04:22 SunSirs (Selena)
According to the commodity market analysis system of SunSirs, after New Year's Day, the soybean oil market fluctuated with both ups and downs, with an overall oscillation and decline. On January 1st, the average price of soybean oil in the market was 8,096 RMB/ton. On January 16th, the average price of soybean oil in the market was 8,030 RMB/ton, a decrease of 0.82%.
After New Year's Day, the weather in South America has improved and futures prices have declined, resulting in a significant decline in the soybean oil market. Driven by the substitute palm oil market, soybean oil rebounded after a decline and returned to the 8,000 RMB mark. After the rise, soybean oil continued to experience a slight decline, with prices continuing at the forefront of 8,000 RMB/ton.
SunSirs agricultural product analyst believes that external bearish sentiment is dominant, and the demand for terminal oils is average. The soybean oil market may continue to decline weakly in the future.
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