SunSirs: Positive Support, China Soybean Oil and Palm Oil Oscillate Upwards

According to the Commodity Market Analysis System of SunSirs, since May 16th, the soybean oil palm oil market has rebounded, oscillating upwards, with soybean oil rising by over 2% and palm oil rising by over 0.7%. On May 16th, the average price of soybean oil in the market was 7,880 RMB/ton, and on May 24th, the average price of soybean oil in the market was 8,070 RMB/ton, an increase of 2,41%. On May 16th, the average price of palm oil in the market was 7,844 RMB/ton, with an average price of 7,906 RMB/ton, an increase of 0.79%.

Starting from mid May, the external soybean futures market has been boosted, with soybean oil and palm oil rising along with the market. The demand for summer oil consumption has weakened, and the bearish sentiment has suppressed. The continuous upward momentum of the soybean oil and palm oil market is insufficient, and after the rise, it has gradually experienced a correction, with a significant increase in soybean oil. In terms of palm oil, due to the fact that Malay palm oil is in the production cycle and the external market is not good, the overall palm oil market has slightly fluctuated and risen. As of May 24th, the average price of soybean oil in the market exceeded 8,000 RMB/ton, and the average price of palm oil in the market exceeded 7,900 RMB/ton.

Agricultural product analysts from SunSirs believe that the demand for terminal oil consumption is poor, and the soybean oil and palm oil market may weaken in the future.

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