Palm oil strong driving, soybean oil futures rose for three days
Release Time:2013-10-11
Great Wisdom Asdaq News Agency, October 10, driven by the rise in palm oil, after the domestic soybean oil festival performance was strong, rising for three consecutive days. However, soybean oil stocks are still high and the pressure is still high. The analysis shows that soybean oil consumption may increase in the short term and maintain a rebound trend, but the long-term market is still volatile.
Gao Yanbin, deputy director of Golden Stone Futures Research Institute, told Dazhi News Agency that soybean oil is still driven by palm oil, but palm oil is supported by higher Malaysian prices. At the same time, after more than two years of decline, vegetable oil has certain investment value and tendency for some investment funds. Therefore, the recent price is stronger.
BMD crude palm oil closed higher yesterday as the Malaysian Palm Oil Bureau (MPOB) released lower-than-expected inventory data. With this boost, domestic palm oil continued to rise, driving the whole oil market higher.
However, domestic oil stock is still on the high side, and the pressure of de-stockpiling is high. According to the data, as of the beginning of October, the domestic commercial stock of soybean oil was about 1.02 million tons, which was about 18% lower than that of 1.25 million tons in the same period last year. Although the stock of soybean oil ports has not increased significantly since July, the stock of more than one million soybean oil ports is still high.
Zhu Gang, an analyst at Shanghai Medium-Term Futures, believes that soybean oil transactions in the domestic spot market are slightly active, and Dalian plate oil is not dragged down by the external market, thus boosting market confidence, but commercial stocks remain above 1 million tons, and soybean oil pressure is still in place.
For future markets, Jintai futures analyst Hu Qilei pointed out that oil consumption will decline after National Day. However, as the weather turns cold, palm oil consumption is restrained, and some consumption will turn to soybean oil. Short-term or will help soybean oil rebound, but overall oil is low volatility market.
