According to the data monitoring of SunSirs, since July 29, the palm oil market has continued to decline weakly, and the market has continued to fall. As of August 3, the average market price of palm oil fell to 9,672 RMB/ ton, 4.43% lower than that on July 29.

Due to the reduction of export tax in Indonesia, the main producer of palm oil, the futures price of palm oil in Malaysia continued to fall, dragged down by the external market. Domestic palm oil futures fell with the market, while the spot fell with the market. The market continued to decline, and the mainstream quotation fell to 9,600 RMB/ ton.

SunSirs agricultural products analyst believes that in the off-season of terminal oil demand, the palm oil market will continue to weaken in China in the future.

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