SunSirs: Positive Support, China Palm Oil Market is Recovery

According to the commodity market analysis system of SunSirs, palm oil experienced a rise last week and continued to rise. On August 19th, the average market price of palm oil was 7,792 RMB/ton, and on August 23rd, the average market price of palm oil was 7,942 RMB/ton, with a price increase of 1.93%.

Last week, the domestic palm oil market hit bottom and rebounded, with prices continuously rising. This round of palm oil prices has continued to rise, mainly due to the increase in Malaysian palm oil futures prices in the external market, supported by import costs, and the continuous rise in domestic palm oil futures market, with spot market prices following suit. The average price of palm oil in the domestic market has risen to around 7,900 RMB/ton, an increase of nearly 2%.

SunSirs agricultural product analyst believes that by the end of August, the demand for oil terminals has rebounded, and the palm oil market will remain high in the short term.

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