Price trend

According to the monitoring data of SunSirs, in mid-June, the soybean oil and palm oil market began to oscillate and fall after the rise. On June 6, the average market price of soybean oil was 12,560 RMB/ton. On June 15, the average market price of soybean oil was 12,272 RMB/ton, down 2.29%. On June 6, the average market price of palm oil was 15,960 RMB/ton. On June 15, the average market price of palm oil was 14,970 RMB/ton, down 6.2%.

Analysis review

Soybean oil and palm oil entered downtrend channel as bears dominated

Since June 6, the soybean oil and palm oil market has entered a downward channel. Due to the weak terminal demand for oils and fats, coupled with the increase in the number of imported soybeans, under the negative pressure, soybean oil and palm oil inventories were high. In addition, the oil futures prices in the outer disk hadfallen, and the soybean oil and palm oil market had ushered in a weak decline. The mainstream quotation of soybean oil fell to 12,200 RMB/ton, and the mainstream quotation of palm oil fell to 14,900 RMB/ton.

Market outlook

The agricultural product analyst of SunSirs believes that: the bullish factors are still there, and there is still room for soybean oil and palm oil to rise in the future.

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