According to the commodity analysis system of SunSirs, after the Spring Festival, the palm oil market continued to rise, with an increase of over 6%. On February 1st, the average market price of palm oil was 9,430 RMB/ton, and on February 11th, the average market price of palm oil was 10,072 RMB/ton, with a price increase of 6.81%.
During the Spring Festival, the overseas oil and fat market rose, and after the holiday, the palm oil market saw a rebound. The domestic futures market continued to rise. As of February 11th, the main contract for palm oil closed at 9,076 RMB/ton, with a daily increase of 154 RMB/ton, up 5.39% from before the holiday. The palm oil futures market rose, while the spot market followed suit and rose. In addition, the main producing country Malaysia is currently experiencing a production reduction cycle, resulting in a 14.01% decrease in palm oil production from January 1st to 31st compared to the previous period. Supported by multiple bullish factors, the palm oil market has risen strongly since February, with spot prices breaking through the 10,000 RMB mark and an increase of over 600 RMB/ton.
The palm oil analyst from SunSirs believes that in mid February, the bullish factors in the external market gradually realized, and the demand for concentrated consumption of fats and oils weakened. After the sharp rise in the palm oil market, it may usher in a correction, and the future palm oil market will mainly fluctuate at a high level.
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