Palm oil basis quotes remain stable, spot prices follow the market downward

As the Spring Festival holiday approaches, the domestic palm oil spot market has entered a closed period with light trading activity. The basis quotes remain stable, while spot prices are declining in line with the market. On February 11, the coastal region’s 24-degree palm oil spot basis quotes ranged from P2605-50 to +100 yuan/ton, unchanged from the same period last week; spot prices were between 8,850 and 9,020 yuan/ton, down 40 yuan/ton from the previous day and 200 yuan/ton lower than the same period last week. (National Grain and Oil Information Center)