SunSirs: Negative Pressure, China Palm Oil Market Continues to Decline
November 22 2024 11:16:58 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, starting from November 18th, negative sentiment has suppressed the palm oil spot market, causing a fluctuating decline with an overall increase of over 3%. On November 18th, the average market price of palm oil was 9,664 RMB/ton, and on November 21st, the average market price of palm oil was 9,764 RMB/ton, a decrease of 3.42% in price.
On November 18th, the palm oil market weakened and prices continued to decline. This round of palm oil decline is mainly due to the outflow of bullish Malaysian palm oil futures in the external market, resulting in a decline in the market. The domestic palm oil futures market followed suit and the spot market weakened. The average price of palm oil in the domestic market has fallen below 10,000 RMB, with a drop of nearly 4% in this round.
Li Bing, a palm oil analyst at SunSirs, believes that at the end of November, with the support of rigid demand for oil terminals, the palm oil market will continue to stabilize and stop falling in the future.
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