SunSirs: Positive Support, China Soybean Oil and Palm Oil Markets Rise

According to the commodity market analysis system of SunSirs, since March, the soybean oil palm oil market has seen an improvement, with price fluctuations being the main trend. Palm oil has increased significantly, exceeding 7%, while soybean oil has increased by over 3%. On March 1st, the average price of soybean oil in the market was 7,830 RMB/ton. On March 14th, the average price of soybean oil in the market was 8,100 RMB/ton, with a price increase of 3.45%. On March 1st, the average price of palm oil in the market was 7,728 RMB/ton. On March 14th, the average price of palm oil in the market was 8,290 RMB/ton, with a price increase of 7.27%.

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.

In the second week, Malaysian palm oil inventories were low in the external market, exports improved, and the Malaysian palm oil futures market rose. Supported by bullish sentiment, the domestic palm oil spot market has risen significantly, with the average market price rising to around 8,300 RMB/ton, up 500 RMB/ton. The palm oil market has boosted, while soybean oil has followed suit. Due to high inventory levels, soybean oil has mainly fluctuated and risen, with the market average price rising to 8,100 RMB/ton.

SunSirs agricultural product analyst believes that at the end of March, the pressure to import soybeans to Hong Kong remained, and the sustained upward momentum of soybean oil and palm oil in the future is insufficient, which may lead to a weak decline.

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