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Palm oil: good news hard to find palm oil market fatigue difficult to change
Release time:
2019-03-07 17:02
Source:
Gadele Information reported on March 6: The end of last week's "five consecutive declines", this week the palm oil market entered a narrow finishing stage. As of the deadline, the mainstream price of 24-degree palm oil market in Guangzhou reached 6050 yuan/ton, down 50 yuan/ton from the middle of last week. Downstream and middlemen into the market cautious, the general lack of confidence in the market, trading around the continued light trend. Gadele monoglycerides.
Although the temperature in various parts of the country has generally rebounded recently, due to the poor macroeconomic situation, the downstream start-up of palm oil is not ideal. In addition, with the arrival of imported ships, the current domestic palm oil inventory has climbed to more than 1.3 million tons, far higher than the normal level. At present, the supply of palm oil is seriously loose, and the process of short-term destocking is difficult to accelerate. Molecular distillation of monoglycerides
In the horse market, BMD crude palm oil futures closed up 44 ringgit to 2411 ringgit in May at the beginning of the week as buyers intervened on bargain hunting. Malaysian palm oil FOB spot prices rose, boosted by higher futures. Among them, the March shipment of 24-degree palm oil was offered to 813 US dollars/ton, up 6 US dollars/ton; the March shipment of 44-degree palm oil rose 10 US dollars/ton to 740 US dollars/ton. On Tuesday, BMD crude palm oil futures closed down 0.6 percent to 2399 ringgit in May as investors remained on the sidelines before the annual meeting. FOB spot market declined with the plate, with the price of 24-degree palm oil falling 3 USD/ton to 810 USD/ton in March. The price of 44-degree palm oil temporarily stabilized at 740 USD/ton. www.cardlo.cn
Looking at the future, as the Malaysian government recently raised the export tariff on crude palm oil to 4.5 per cent in March, Malaysian palm oil stocks are facing upward pressure to some extent, thus curbing the trend of the horse market. At the same time, the main producing countries are about to usher in the traditional production cycle, the palm oil market is expected to be short-term fatigue difficult to change.
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