SunSirs: External Market Gains, China Palm Oil Market Rises
October 14 2024 13:47:37 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, after the National Day holiday, the external market boosted and the palm oil spot market saw an increase, with an overall increase of over 4%. On October 1st, the average market price of palm oil was 8,696 RMB/ton, and on October 12th, the average market price of palm oil was 9,080 RMB/ton, with a price increase of 4.42%.
After the National Day holiday, the palm oil market heated up and prices fluctuated upwards. This round of palm oil price increase is mainly due to the rise in Malaysian palm oil futures prices in the external market, good supply and demand prospects, export growth, and increased spot market. The average price of palm oil in the domestic market has risen to around 9,000 RMB/ton, an increase of nearly 5% compared to the beginning of the month.
SunSirs palm oil analyst believes that by the end of October, the rigid demand for oil terminals will increase, and the palm oil market is expected to rise in the future.
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