Home » Holding positions continue to decline, palm oil oscillates at a high level | Palm Oil-Finance News

Holding positions continue to decline, palm oil oscillates at a high level | Palm Oil-Finance News

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original title:[收盘评论]DCE market on July 29: holdings continued to decline palmOil high and fluctuating operation Source: Wenhua Finance

Although the price of continuous brown futures has fallen under the pressure of long profits, the expectation of slow resumption of production still supports the market price. Dalian palm oil oscillated on Thursday, and the main contract finally closed down by 0.14%, and the open interest fell by more than 1 Ten thousand hands, after the market continues to rise, the high position may be trimmed in the short term, but the overall situation is still operating in a long position.

The current round of the market is mainly driven by the expectation of tightening of the supply side of the horse palm. The third quarter was originally the peak period for palm oil production in the producing area. However, due to labor shortages and other factors, the output of Malay palm oil this month may be lower than expected. The slowness means that this month’s horse palm inventory is still difficult to significantly accumulate, and this year’s horse palm inventory has always been at a low level over the same period in the past five years. If it is still difficult to accumulate the tight supply and demand market atmosphere of the kuna production area during the traditional high-yield period Or it will diffuse further. Domestically, the volume of imported palm oil has increased recently, but spot transactions have been relatively weak, and domestic inventories have rebounded significantly. Monitoring data shows that as of the week of July 26, palm oil inventories in major ports across the country were 368,500 tons, a sharp increase of 54,500 tons from last week. With subsequent purchases of ships arriving in Hong Kong, domestic supply and demand tightness is expected to continue. Improved.

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Regarding the mid-term trend of palm oil, SDIC Essence Futures gave a view that if we look at the data of 18.2 million tons of USDA old crop, the probability of Malaysian palm oil accumulation in the third quarter is still very low. This year we remain cautious about increasing palm oil production. We must guard against the high volatility risk of palm oil’s rapid rise and rapid correction. From a qualitative point of view, we maintain the idea of ​​wide fluctuations in the medium-term strategy. Based on the supply and demand pattern of low palm oil inventories, You can look for opportunities for phased long allocations and opportunities for palm oil to be formalized monthly.

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Editor in charge: Chen Xiulong

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