Source: Jintou.com
According to SunSirs monitoring data: NovemberpalmThe oil market was mixed, with prices oscillating in a wide range. At the beginning of the month, the average palm oil market price was 8,566 yuan/ton. On the 29th, the average palm oil market price was 8,612 yuan/ton, a price increase of 0.54%.
Since November, the global economy has been sluggish, the oil demand has been sluggish, the external oil market has fallen, and the domestic soybean oil and palm oil futures have fallen. On November 9, the main contract of even palm oil closed at 8346 yuan/ton, down 154 yuan/ton. The domestic oil futures market fell, and the spot price followed the market down, and the palm oil spot price fell by more than 2.3% in a single day.
Beginning on the 10th, supported by bullish external markets, palm oil ushered in a short-term rise. Due to the declining prosperity of the terminal catering industry and shrinking profits, the enthusiasm for purchasing palm oil is not good. Merchant goods were mediocre, and transactions were mediocre, which suppressed the soybean oil and palm oil market. The palm oil market continued to decline weakly until November 19, with a drop of nearly 3%.
Towards the end of the month, Malay palm oil has entered a cycle of production reduction. The supply of domestic palm oil is relatively tight, supported by bullish stocks. The market has ushered in a rising market again, and prices have risen one after another. The average market price has returned to 8,600 yuan/ton, an increase of 6.45%.
Li Bing, an agricultural product analyst at SunSirs, believes that the domestic catering industry is in a downturn and demand is sluggish, and the market outlook for palm oil is still weak.
(Article source: SunSir)
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