On July 11, Jinshi Futures reported a positive turn in the domestic palm oil market. As of 10 am, the mainstream price of 24-degree palm oil in the Zhangjiagang market stood at P2409+130 yuan/ton, totaling 7770 yuan/ton. This marks a rise of 30 yuan/ton from the previous day’s close, reflecting a 0.39% increase.
In June, Malaysian palm oil inventories surged to their highest levels in nearly four months. However, July has seen a notable improvement in Malaysian palm oil export data. This uptick, coupled with increased domestic transactions and support from major factories, has bolstered spot prices. Furthermore, the recent uptrend in international crude oil prices is anticipated to provide additional support, potentially halting the recent decline and fostering a rebound in palm oil prices.