SunSirs: Positive Support, China Soybean Oil and Palm Oil Market is Up
March 08 2024 10:58:41 SunSirs (Selena)
According to the commodity market analysis system of SunSirs, in early March, the soybean oil palm oil market fluctuated and rose, with both palm oil and soybean oil prices rising by more than 1%. On March 1st, the average price of soybean oil in the market was 7,830 RMB/ton. On March 7th, the average price of soybean oil in the market was 7,920 RMB/ton, with a price increase of 1.15%. On March 1st, the average price of palm oil in the market was 7,728 RMB/ton. On March 7th, the average price of palm oil in the market was 7,842 RMB/ton, with a price increase of 1.48%.
Since March, primary, secondary and tertiary schools have been concentrated, and the demand for oil terminals has improved. The estimated production of Malaysian palm oil in the external market has been lowered, with bullish support. The soybean oil palm oil futures market has rebounded, prices have continued to rise, and the spot market has followed suit. The average price of soybean oil in the market has risen to around 8,000 RMB/ton, while palm oil has risen to around 7,800 RMB/ton.
SunSirs agricultural product analyst believes that in mid March, there are still bullish factors in the external market, and there is still room for an upward trend in the soybean oil and palm oil market in the future.
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- 2024-04-18 SunSirs: Daily Report of China Commodity Data (April 18, 2024)
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- 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
