On January 16, 2026, at the opening of the morning session, domestic futures contracts were mostly lower, with rapeseed oil leading gains by rising over 2%. Platinum and lithium carbonate also climbed more than 1%, while soybean oil, styrene, soybean No.1, and starch edged up nearly 1%.

On the downside, Shanghai tin led the declines, falling over 3%. Fuel oil, para-xylene (PX), SC crude oil, bottle chips, liquefied petroleum gas (LPG), purified terephthalic acid (PTA), and caustic soda all dropped more than 2%.

Huishang Futures indicated that the current market focus is on palm oil. The palm oil market is currently in a state where negative factors have been fully priced in and new drivers are emerging. Despite palm oil inventories in Malaysia reaching a historical high at the end of last December, the market had already anticipated this, and the MPOB report's release instead became a starting point for a price rebound.

Zhengxin Futures stated that robust export data, combined with signals from Indonesia indicating a long-term tightening of supply, have collectively shifted market attention away from static high inventory levels towards a dynamic expectation of tightening supply and demand.

Guoyuan Futures expressed that the market will now enter a phase of validating expectations. For palm oil, the market's focus will shift from 'whether destocking will occur' to 'how fast destocking will be,' necessitating continuous monitoring of high-frequency export and production data. Soybean oil is expected to maintain a range-bound pattern with both a ceiling and a floor until the full extent of the South American harvest is confirmed. The rapeseed oil market will continue to see a tug-of-war between tight spot supply and policy expectations, potentially leading to a trending move.