SunSirs: Demand Weakened, China Domestic Soybean Oil and Palm Oil Market is Falling

According to the Commodity Market Analysis System of SunSirs, in early February, the overall soybean oil and palm oil market fluctuated and declined. On February 1st, the average price of soybean oil in the market was 7,730 RMB/ton. On February 6th, the average price of soybean oil in the market was 7,642 RMB/ton, a decrease of 1.14%. On February 1st, the average price of palm oil in the market was 7,258 RMB/ton. On February 6th, the average price of palm oil in the market was 7,220 RMB/ton, with a price drop of 0.52%.

Starting from February 1st, the external soybean market has declined, while the Malaysian palm oil market has declined. In addition, the end of the terminal oil and fat stocking market before the Spring Festival has resulted in flat sales and sluggish market transactions. Supported by multiple bearish factors, the soybean oil and palm oil market has declined weakly. As of February 6th, the average price of soybean oil in the domestic market has dropped to around 7,600 RMB/ton, a decrease of over 1%; The average price of palm oil in the market fell to 7,200 RMB/ton, a decrease of 0.52%.

Agricultural product analysts from SunSirs believe that after the holiday, soybean oil factories have resumed operation, soybean oil supply has increased, palm oil prices are under pressure, and the future market growth is still weak.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.