SunSirs: China Palm Oil Market Rebounds due to External Market Gains
July 18 2024 15:19:38 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, starting from July 10th, the foreign futures market has risen, and the palm oil market has rebounded, with an increase of over 2%. On July 10th, the average market price of palm oil was 7,746 RMB/ton, and on July 17th, the average market price of palm oil was 7,988 RMB/ton, with a price increase of 2.66%.
Starting from July 10th, the export data of palm oil from Malaysia, the main producing country, has improved. The Malaysian palm oil futures market has risen in the external market, while domestic palm oil futures have followed suit and the spot market has stopped falling and continued to rise. As of July 16th, the average price of palm oil in the market has risen to around 7,900 RMB/ton.
SunSirs agricultural product analyst believes that at the end of July, the demand for terminal oils and fats will weaken, and the current rise in palm oil prices may not last long. The market will continue to decline weakly in the future.
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