According to monitoring data from SunSirs, after New Year's Day, the domestic palm oil market fluctuated and rose. At the beginning of the month, the average market price of palm oil was 8,564 RMB/ton. On January 20th, the average market price of palm oil was 8,724 RMB/ton, with a price increase of 1.87%.
After New Year's Day, Malaysia's palm oil exports increased. According to AmSpec, an independent inspection agency in Malaysia, Malaysia's palm oil exports from January 1st to 20th were 892,428 tons, an increase of 8.64% compared to 821,442 tons exported in the same period last month. Combined with an increase in inventory levels, palm oil inventories in Malaysia increased by 7.58% at the end of December compared to the previous month. Long and short positions are overlapping, and the Malaysian palm oil market is fluctuating in the external market. The domestic palm oil futures market mainly fluctuated with the market, with a high inventory of about 750,000 tons of palm oil in China, an increase of over 1% month on month. The terminal demand was average, and the palm spot market rose by nearly 2%.
SunSirs palm oil analyst believes that the terminal rigid demand is average, and inventory pressure is still present, putting pressure on the palm oil market to rise in the future.
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