According to the Commodity Market Analysis System of Shengyi Society, the palm oil market fluctuated and rose mainly in October, with an increase of nearly 9%. On October 1st, the average market price of palm oil was 8696 yuan/ton, and on October 30th, the average market price of palm oil was 9476 yuan/ton, with a price increase of 8.97%.
Lido continues to fluctuate and rise in the palm oil market in October
After the National Day holiday, the palm oil market heated up and prices fluctuated upwards. This round of palm oil price increase is mainly due to the rise in Malaysian palm oil futures prices in the external market, good supply and demand prospects, export growth, and increased spot market. The average price of palm oil in the domestic market has risen to around 9000 yuan/ton, an increase of nearly 5% compared to the beginning of the month.
In the middle of the month, Malaysia’s palm oil production entered the off-season in the foreign market, causing a decline in palm oil futures. The domestic palm oil futures market fluctuated and fell, and the spot market weakened. The average price of palm oil in the domestic market has fallen to around 9100 yuan/ton, a decrease of about 1%.
At the end of the month, the main producing country Malaysia entered a production reduction cycle, with reduced supply and inventory. Supported by external markets, the domestic palm oil spot market has once again seen an upward trend, with palm oil prices returning to a high of 9500 yuan/ton.
The agricultural product analyst of Shengyi Society believes that since November, the rigid demand for oil and fat has increased, and the external market is still bullish. The domestic palm oil market is expected to continue to rise.
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