SunSirs: Positive Support for China Palm Oil Market Recovery
November 11 2024 14:24:48 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, in early November, with bullish support, the palm oil spot market fluctuated and rose, with an overall increase of over 3%. On November 1st, the average market price of palm oil was 9,664 RMB/ton, and on November 8th, the average market price of palm oil was 10,010 RMB/ton, with a price increase of 3.58%.
In early November, the palm oil market experienced a rebound, with prices continuously rising. The rise in palm oil this round is mainly due to Malaysia's palm oil production being in a production reduction cycle in the external market, with strong exports and boosted palm oil futures market in the external market. The domestic palm oil futures market followed suit and the spot market warmed up. The average price of palm oil in the domestic market has exceeded 10,000 RMB, an increase of over 3% compared to the beginning of the month.
SunSirs palm oil analyst at SunSirs, believes that in mid November, there will still be rigid demand for oil terminals, and the palm oil market will continue to rise in the future.
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