According to the Commodity Analysis System of Shengyi Society, since March, the palm oil market has been dominated by bearish sentiment, with a fluctuating downward trend. On March 1st, the average market price of palm oil was 9810 yuan/ton, and on March 11th, the average market price of palm oil was 9700 yuan/ton, a decrease of 1.12%.

Negative led palm oil market oscillation and downward trend

At the beginning of March, Malaysia’s palm oil export data declined, domestic palm oil terminal demand was sluggish, market transactions were average, and multiple negative factors dominated. The domestic palm oil futures market fell and rose, with the overall decline being the main trend, while the spot market followed suit and weakened. As of March 11th, the domestic palm oil market price has fallen to 9700 yuan/ton, a decrease of 100 yuan/ton from the beginning of the month.

The palm oil analyst from Shengyi Society believes that in mid March, the estimated palm oil production in Malaysia is still at a low level, and external bullish factors are still present. The domestic palm oil market is still expected to see an upward trend in the future.