Strong rebound of domestic palm oil market

Introduction: influenced by the strong increase of BMD crude palm oil in the external market and the increase of soybean oil price in China, the domestic palm oil market has experienced a dramatic rise since the end of February and the beginning of March However, the market terminal demand has not changed fundamentally, and the buyer's market is generally cautious At present, the price of 24 degree palm oil in Tianjin port is generally about 4700 yuan / ton, 10.6% higher than that in the last ten days; the price of 24 degree palm oil in Qingdao port in Shandong is 4700 yuan / ton, 11.1% higher than that in the last ten days; the price of 24 degree palm oil in Jiangsu port is generally 4700 yuan / ton, 10.2% higher than that in the last ten days; the price of 24 degree palm oil in Zhejiang port is generally about 4550 yuan / ton, 8.6% higher than that in the last ten days; the price of 24 degree palm oil in Guangdong port It is about 4550 yuan / ton, up 10.1% over the last ten days The main reasons for the recent sharp rebound in domestic palm oil prices are: first, the strong rise in international palm oil futures and spot prices In recent years, Malaysia's BMD crude palm oil price and spot price have soared in an all-round way, providing strong support for port traders to raise the price of palm oil At present, the price of 24 degree palm oil refined palm oil in Malaysia has risen to 395-400 USD / ton, which is about 4400 yuan / ton in the later period of domestic port cost, a new high since the beginning of the year Due to the small overall sales profit of palm oil in the early period, most of it All the sub traders are in the state of loss sales, and the continuous rise of the external offer price has brought great support to the psychology of domestic traders Malaysian crude palm oil futures may jump higher as Chicago soybean oil continues to rise Soybean oil futures rose 0.58 cents to 23.35 cents a pound in May on the Chicago Board of trade Crude palm oil delivered in May 2005 rose 29 ringgit to 1403 ringgit per ton Although the recently released palm oil export data did not bring positive support to the market, but because Chicago soybean oil has set a five-month high in a row, it has brought support to the palm oil futures price Malaysian traders expect Chinese buyers to return to the palm oil market in the near future because of the sharp rise in domestic palm oil prices and the significant improvement in sales profits Other news included that the Indian government recently passed the federal budget report, but it did not affect the edible oil industry The government has lowered the import base price of palm oil, but at the same time raised import tariffs 2 With the arrival of the peak consumption season in the edible oil market, it will play a certain role in promoting the whole edible oil market With the warming of the temperature in most areas of the north, the unique advantages of palm oil will begin to show gradually, so the market demand will start to all enlarge, which will have a role in raising the price of palm oil to a certain extent 3 The rise of domestic soybean oil price also forms a good support for palm oil market Domestic soybean oil market is alternately affected by positive and negative factors, and the recent market price rebound At present, the price of soybean oil in China is 6100-6150 yuan / ton, and the price of grade IV soybean oil is about 5800 yuan / ton, both of which are significantly higher than the previous period The rising trend of soybean oil market has a positive impact on the domestic palm oil market To sum up, the recent sharp rise in domestic palm oil price is mainly driven by the external price If there is a significant fall in the external market, it is difficult to support the domestic palm oil price at a high level In addition, domestic demand has not fundamentally improved At the same time, the reality that the domestic palm oil storage is still around 200000 tons can not be ignored, and the later arrival volume is still increasing, so, the later palm oil price Palm oil sales market is still under great pressure, palm oil prices will also be in consolidation