According to the Commodity Market Analysis System of SunSirs, the palm oil market fluctuated and rose in November, with an increase of nearly 3%. On November 1st, the average market price of palm oil was 9,664 RMB/ton, and on November 26th, the average market price of palm oil was 9,894 RMB/ton, with a price increase of 2.38%.
In early November, the palm oil market experienced a rebound, with prices continuously rising. The rise in palm oil this round is mainly due to Malaysia's palm oil production being in a production reduction cycle in the external market, with strong exports and boosted palm oil futures market in the external market. The domestic palm oil futures market followed suit and the spot market warmed up. The average price of palm oil in the domestic market has exceeded 10,000 RMB, an increase of over 3% compared to the beginning of the month.
Since November 11th, the palm oil market has fluctuated with ups and downs, and the overall price has fluctuated downward. This round of palm oil decline is mainly due to Malaysia's palm oil production being in a production reduction cycle, export decline, long short game. After the rise in the external palm oil futures market, there was a decline, and the domestic palm oil futures market rebounded weakly. The spot market did not rise as much as it fell, with weak declines being the main trend. As of November 19th, the average price of palm oil in the domestic market has fallen to 10,020 RMB/ton, a decrease of over 300 RMB/ton, and a drop of over 2% in this round.
On November 18th, the palm oil market weakened and prices continued to decline. This round of palm oil decline is mainly due to the outflow of bullish Malaysian palm oil futures in the external market, resulting in a decline in the market. The domestic palm oil futures market followed suit and the spot market weakened. The average price of palm oil in the domestic market has fallen below 10,000 RMB, with a drop of nearly 4% in this round.
At the end of the month, Malaysia's palm oil production forecast was lowered, and foreign futures prices rose. The domestic palm oil futures market followed suit, while spot prices rose. The palm oil market rebounded, with an increase of over 2%.
According to the agricultural product analyst of SunSirs, starting from December, the rigid demand for oil and fat is still present, and the bullish outlook for Malaysian palm oil in the external market still exists. The domestic palm oil market is prone to rise but difficult to fall.
If you have any enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.