SunSirs: China Soybean Oil Market and Palm Oil Market Declined after the Qingming Festival
April 10 2024 10:58:33 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, after the Qingming Festival, the market for soybean oil palm oil has declined one after another, with soybean oil palm oil falling by more than 2%. On April 4th, the average price of soybean oil in the market was 8,070 RMB/ton. On April 9th, the average price of soybean oil in the market was 7,900 RMB/ton, a decrease of 2.11%. On April 9th, the average price of palm oil in the market was 8,660 RMB/ton. On March 22nd, the average price of palm oil in the market was 8,440 RMB/ton, with a price drop of 2.54%.
After the Qingming Festival, the external CBOT soybean futures market rose moderately, with an estimated increase in Malay palm oil production and a decrease in futures prices. The external futures market had limited boosting effect, and the soybean oil palm oil market continued to decline. The demand for terminal catering is stable, with high inventories of soybean oil and palm oil. Multiple bearish factors have suppressed the weak spot market of soybean oil and palm oil.
SunSirs agricultural product analyst at SunSirs, believes that in mid April, South American soybeans have been listed one after another, and supply pressure remains. The future rise in soybean oil and palm oil is weak.
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