Bullish vs. Bearish Forces Drive Palm Oil Prices Higher Amid Volatility

September 09, News

According to the commodity market analysis system: Since September, the palm oil market in China has shown a mix of increases and decreases, with an overall trend of fluctuating upward. On September 1st, the average market price of palm oil was 9,404 CNY/ton, and by September 9th, the average market price had risen to 9,520 CNY/ton, representing a 1.23% increase.

Bull-Bear Duel: Palm Oil Prices Fluctuate Higher

In early September, the palm oil market showed a mixed trend, with an overall upward bias. The factors for Malaysian palm oil were mainly positive. Specifically, from September 1st to 5th, the yield of Malaysian palm oil decreased by 5.70% compared to the same period of the previous month. The external market provided positive support for palm oil, and the overall trend was strong. The futures market for palm oil in China rose. Due to weak demand for terminal oils, the spot market for palm oil fluctuated and increased. On September 9th, the closing price of Dalian palm oil was 9,486 CNY/ton, up 48 CNY/ton. The futures market boosted the spot market, which was supported and operated at a high level.

Palm oil analysts believe: By mid-September, the rigid demand for terminal oils in China has increased, supported by the external market's palm oil prices, and an increase in palm oil prices can be expected in the future.