According to SunSirs monitoring data: Novemberpalm treeThe 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, oil demand has been sluggish, the external oil market has fallen, and 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 spot price of palm oil fell more than 2.3% in one day.
Starting on the 10th, with the support of bullish external markets, palm oil led in a short-term increase. Due to the boom in the final catering industry and shrinking profits, the enthusiasm for buying palm oil is not good. and the transactions were common, which suppressed the soybean oil and palm oil market The palm oil market continued to decline weakly until November 19, with a decrease of almost 3%.
Towards the end of the month, Malay palm oil has entered a cycle of production decline. Domestic palm oil supply is relatively tight, supported by bullish stocks. The market has led to 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 decline and demand is slow, and the market outlook for palm oil is still weak.
(Article source: SunSir)
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