SunSirs: Negative Sentiment still Exists, China Palm Oil Market weakly Oscillates

According to the commodity analysis system of SunSirs, since March, the bearish trend has continued, with weak fluctuations in the palm oil market being the main reason. On March 1st, the average market price of palm oil was 9,810 RMB/ton, and on March 19th, the average market price of palm oil was 9,784 RMB/ton, a decrease of 0.27%.

Negative sentiment continues to fluctuate weakly in the palm oil market

At the beginning of March, Malaysia's palm oil export data declined, domestic palm oil terminal demand was sluggish, market transactions were average, and multiple negative factors dominated. The domestic palm oil futures market fell and rose, with the overall decline being the main trend, while the spot market followed suit and weakened.

In the middle of the month, Malaysian palm oil entered a period of increased production in the external market, and the fundamentals remained mainly negative. Due to the increase in Indonesian palm oil exports, the palm oil futures market was somewhat bullish, with a long short game. The domestic palm oil spot market fluctuated narrowly and overall weakened. As of March 19th, the average market price of palm oil has fallen to 9,700 RMB/ton, a decrease of 100 RMB/ton from the beginning of the month.

According to palm oil analysts from SunSirs, as of the end of March, Malaysian palm oil is still in a production increase cycle, and external bearish sentiment remains. The domestic palm oil market is still weak in its upward trend in the future.

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