According to the Commodity Market Analysis System of SunSirs, in January, the domestic soybean oil and palm oil market fluctuated and rose. Among them, palm oil saw a significant increase, with an overall increase of over 6%, while soybean oil saw a slight increase. On January 1st, the average price of soybean oil in the market was 8,096 RMB/ton. On January 26th, the average price of soybean oil in the market was 8,146 RMB/ton, an increase of 0.62%. On January 1st, the average price of palm oil in the market was 7,120 RMB/ton. On January 26th, the average price of palm oil in the market was 7,586 RMB/ton, an increase of 6.54%.
After New Year's Day, the market for soybean oil and palm oil has declined one after another. After the decline, they have rebounded, with oscillating gains as the main trend. As the Spring Festival approaches, the stocking market for terminal catering enterprises has started, with demand supporting, and the soybean oil and palm oil market continues to rise. Malaysian palm oil in the external market is currently in a period of reduced production, with bullish support and a significant increase in palm oil prices. In terms of soybean oil, it is affected by the weather changes of South American soybeans, and there is a long short game. The market is fluctuating, and the overall increase is not as significant as palm oil.
In January, the overall rise and fall of soybean oil were mixed, with weak rebound and narrow fluctuations in the market, with prices hovering around 8,100 RMB/ton. Except for a slight decline at the beginning of the month, palm oil has been continuously rising in the external market, with an average market price of nearly 7,600 RMB/ton, an increase of over 6%.
SunSirs agricultural product analysts believe that as the Spring Festival approaches, soybean oil factories are gradually starting to shut down for maintenance, supply is tightening, and terminal rigid demand is supporting. Soybean oil palm oil will continue to operate at a high level in the future market.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.