SunSirs: Negative Pressure, Weak Decline in Palm Oil Market in China
June 13 2024 10:34:23 SunSirs (Selena)
According to the data from the Commodity Market Analysis System of SunSirs, palm oil prices have been weakly declining since June, with a decline of over 1%. On June 1st, the average price of palm oil in the market was 8,008 RMB/ton. On June 12th, the average price of palm oil in the market was 7,904 RMB/ton, a decrease of 1.3%.
At the beginning of June, Malaysian palm oil was in a production increase cycle, and the external Malaysian palm oil futures market weakened, while the domestic palm oil futures market declined. In addition, the demand for terminal oils weakened, and the palm oil market rebounded weakly, mainly oscillating and falling. The mainstream quotation fell to around 7,900 RMB/ton, a decrease of about 100 RMB/ton.
SunSirs agricultural product analyst at SunSirs, believes that terminal oils are in the off-season, and palm oil will continue to decline weakly in the future.
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