Negative Factors Persist, Palm Oil Market Weakens and Declines

November 07, News

According to the commodity market analysis system, starting from November 1st, the palm oil market in China has been fluctuating downward. On November 1st, the average market price of palm oil was 8,818 CNY/ton, and on November 7th, the average market price of palm oil was 8,700 CNY/ton, with a price decrease of 1.34%.

Negative factors weigh on palm oil market, causing prices to fluctuate and decline.

In early November, the external market for Malaysian palm oil weakened. Among these, the estimated production of Malaysian palm oil increased, with the production in southern Malaysia growing by 5.55% month-over-month from October 1-31. The external market was mainly bearish, and China's palm oil futures followed the downward trend, with the spot market also weakening. As of November 7th, the average market price for palm oil was 8,700 CNY/ton, a decrease of 100 CNY/ton.

Palm oil analysts believe: In mid-November, with an increase in palm oil production in Malaysia, the bearish factors still exist, and the future palm oil market will continue to decline.