SunSirs: Long Short Game, Soybean Oil and Palm Oil Market Fluctuated and Rose in China
November 10 2022 09:48:54 SunSirs (Selena)
According to the monitoring data of SunSirs, since October 28, the soybean oil and palm oil market began to rebound, showing an upward trend. Due to the negative factors, in early November, the soybean oil and palm oil saw a correction after rising. As of November 4, the average price of soybean oil market was 10,534 RMB/ ton, up 3.01% from October 28; The average price of palm oil market was 8,618 RMB/ ton, up 5.41% from October 28.
Near October, the soybean oil and palm oil fundamentals were both short and long. After the rise of the market, it ushered in a callback. Since the market was dominated by more bullish factors, the market was dominated by fluctuations.
Positive factors: Brazil's soybeans are just in the sowing time, with frequent weather themes and favorable external market. In addition, Indonesia is considering increasing the mixing rate of palm oil based biodiesel. Soybean oil and palm oil futures showed a strong performance, with the market rising all the way, and spot stocks rose with the market.
Bad factors: Malaysia's palm oil is in the period of increasing production. Indonesia's gross palm oil output is estimated to be 48.23 million tons, a year-on-year increase of 4.84%. The bad news of palm oil in the external market weighed down, and the rising space of soybean oil and palm oil futures was limited. After the sharp rise of the spot market, there was a callback.
SunSirs agricultural product analyst believes that: oil is in the peak consumption season, and rigid demand is still in place. In the South American soybean planting season, the positive factors are still in place, and China soybean oil and palm oil are still expected to rise in the future.
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