SunSirs: Bullish Support, China Palm Oil Market Rose
June 17 2024 11:14:10 SunSirs (Selena)
According to the commodity market analysis system of the business club, the market of palm oil rose by more than 2% after the festival. On June 11, the average market price of palm oil was 7,788 RMB/ton, and on June 14, the average market price of palm oil was 7,964 RMB/ton, up 2.26%.
After the Dragon Boat Festival, the weather heated up, the substitution effect of palm oil increased, the external oil market was boosted, the futures market of palm oil rose, and the demand for terminal oil improved. The domestic spot market of palm oil rose, and the average market price rose to 7,964 RMB/ton, up more than 2%.
Libing, an agricultural product analyst at the SunSirs, said: the terminal oil consumption is in the off-season, and the rise of palm oil market in the future is still under pressure.
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