SunSirs: Positive Support, China Soybean Oil and Palm Oil Market is Rising
January 25 2024 10:20:40 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, starting from January 17th, the soybean oil and palm oil market has heated up and fluctuated overall. On January 17th, the average price of soybean oil in the market was 8,010 RMB/ton. On January 24th, the average price of soybean oil in the market was 8,196 RMB/ton, with a price increase of 2.32%. On January 17th, the average price of palm oil in the market was 7,358 RMB/ton. On January 24th, the average price of palm oil in the market was 7,586 RMB/ton, with a price increase of 3.1%.
Starting from January 17th, the external soybean market rose, supported by the Malaysian palm oil market. In addition, with the launch of the terminal oil stocking market before the Spring Festival, market transactions improved and sales increased. Supported by multiple bullish factors, the soybean oil palm oil market ushered in an upward trend. As of January 24th, the average price of soybean oil in the domestic market has risen to 8,196 RMB/ton, an increase of over 2%; The average price of palm oil in the market has risen to 7,586 RMB/ton, an increase of over 3%.
SunSirs agricultural product analyst believes that the external market is still bullish, with support from terminal oil demand. The soybean oil and palm oil market may continue to rise in the future.
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- 2024-04-12 SunSirs: Good News, China Palm Oil is Expected to Rise
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