SunSirs: On May 5, Soybean Oil and Palm Oil Prices Plunged
May 06 2022 09:30:40 SunSirs (John)
Price trend
According to the monitoring data of SunSirs, on May 5, the soybean oil and palm oil market plunged, with a single-day decline of more than 1%. The average market price of soybean oil was 11,660 RMB/ton, down 1.62% from the previous trading day; the average market price of palm oil was 15,860 RMB/ton, down 1.49% in a single day.
Analysis review
Malaysian palm oil has entered a cycle of increasing production, production is estimated to increase, and terminal oil and fat demand has declined. Bad news struck, the domestic soybean oil and palm oil spot market fell.
Market outlook
In the early stage, the price of soybean oil and palm oil rose too much, and now it has entered a correction period. It is expected that the soybean oil and palm oil market will remain weak and down in the future.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com
- 2024-04-29 SunSirs: Driven by External Market, China Soybean Oil and Palm Oil Market Fluctuates and Rises
- 2024-04-18 SunSirs: Daily Report of China Commodity Data (April 18, 2024)
- 2024-04-18 SunSirs: Multiple Bearish Factors Intertwined, China Palm Oil Market is Oscillating and Falling
- 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
