SunSirs: Driven by External Market, China Soybean Oil and Palm Oil Market Fluctuates and Rises
April 29 2024 10:58:07 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, the soybean oil and palm oil market fluctuated and rose last week, with soybean oil rising by over 1% and palm oil rising by less than 1%. At the beginning of the week, the average price of soybean oil in the market was 7,660 RMB/ton, and on the weekend, the average price of soybean oil in the market was 7,788 RMB/ton, an increase of 1.67%. At the beginning of the week, the average price of palm oil in the market was 7,938 RMB/ton, and on weekends, the average price of palm oil in the market was 7,996 RMB/ton, an increase of 0.73%.
Last week, the soybean oil and palm oil market fluctuated, with the market mainly oscillating and rising. The reduction in European rapeseed production in the external market has boosted the oil and fat market. The external oil and fat futures market is driving up, and even the soybean oil and palm oil market is rising. Due to the general procurement of soybean oil palm oil in the terminal catering industry, the soybean oil palm oil market has gradually rebounded after an increase. At present, palm oil prices are higher than soybean oil, and soybean oil transactions are better than palm oil.
SunSirs agricultural product analyst believes that the demand for terminal oil consumption has weakened, putting pressure on the rise of the soybean oil and palm oil market in the future.
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