Recently, the domestic oil and fat market has been relatively sluggish, but since the end of last week, the market has begun to show signs of a slight increase. This has given the market trading players who are experiencing continued bad sentiment somewhat gratified. The market sentiment has also followed a slight increase in internal and external disk futures. Gradually ease. As far as major oils are concerned, the signs of rising palm oil are more prominent, but the specific performance is that the external forces are weak and weak. Malaysian palm oil futures prices closed at MYR3,144/tonne this Monday, up 2.44% from last Thursday's RM3,069/tonne, while domestic palm oil futures closed at 8,052 yuan/ton on Tuesday, up only from last Friday. 1.39%. As for the spot market, taking Tianjin as an example, the price of local palm oil at 24 degrees last Friday was 7850 yuan/ton, and this week's price rose by 80 yuan/ton to 7,930 yuan/ton, an increase of 1.01%. It can thus be seen that while the external palm oil market tends to be a preference, the domestic palm oil's upward trend is somewhat slow.
The rise in the palm oil market was mainly due to the boost in demand for palm oil during the Ramadan Festival. July is a Muslim Ramadan holiday, with advance replenishment from India, Pakistan and countries in the Middle East, which has boosted the current demand for palm oil. According to data released by the Malaysian cargo survey agency ITS on Friday, Malaysia exported 1,146,406 tons of palm oil from May 1 to 25, up 10.5% from 1,037,083 tons in the same period in April. According to data released by another survey agency, SGS, Malaysia's palm oil exports from May 1 to May 25 were 11,13.7774 million tons, an increase of 7.6% over the same period last month. Increased demand for palm oil and good export data boosted sentiment and pushed up palm oil prices.
The domestic market is not as fast as the external market, which is mainly dragged down by the large palm oil stocks in the port, and the continued sluggish demand situation in the market. At present, palm oil stocks in domestic ports are still maintained at a high level of around 900,000 tons. However, end-use demand continues to show no sign of improvement. Therefore, palm oil has been destocking slowly, and supply exceeds demand. Affected by the market situation, market participants lacked bullish confidence, and their enthusiasm for getting goods was low. Spot prices were weak on the upside.
In the short term, the upward momentum of domestic palm oil is still slightly insufficient. Although the demand for peripheral palm oil has improved markedly, the economic environment is still unstable and domestic stocks are not small resistance. Therefore, the conditions for the sharp rise in palm oil in the short term are not sufficient. However, the summer itself is the peak season for the consumption of palm oil. If domestic demand picks up in the later period, it will drive up the price of palm oil.
The rise in the palm oil market was mainly due to the boost in demand for palm oil during the Ramadan Festival. July is a Muslim Ramadan holiday, with advance replenishment from India, Pakistan and countries in the Middle East, which has boosted the current demand for palm oil. According to data released by the Malaysian cargo survey agency ITS on Friday, Malaysia exported 1,146,406 tons of palm oil from May 1 to 25, up 10.5% from 1,037,083 tons in the same period in April. According to data released by another survey agency, SGS, Malaysia's palm oil exports from May 1 to May 25 were 11,13.7774 million tons, an increase of 7.6% over the same period last month. Increased demand for palm oil and good export data boosted sentiment and pushed up palm oil prices.
The domestic market is not as fast as the external market, which is mainly dragged down by the large palm oil stocks in the port, and the continued sluggish demand situation in the market. At present, palm oil stocks in domestic ports are still maintained at a high level of around 900,000 tons. However, end-use demand continues to show no sign of improvement. Therefore, palm oil has been destocking slowly, and supply exceeds demand. Affected by the market situation, market participants lacked bullish confidence, and their enthusiasm for getting goods was low. Spot prices were weak on the upside.
In the short term, the upward momentum of domestic palm oil is still slightly insufficient. Although the demand for peripheral palm oil has improved markedly, the economic environment is still unstable and domestic stocks are not small resistance. Therefore, the conditions for the sharp rise in palm oil in the short term are not sufficient. However, the summer itself is the peak season for the consumption of palm oil. If domestic demand picks up in the later period, it will drive up the price of palm oil.
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