SunSirs: The Price of Rapeseed Oil Dropped Sharply on March 12
March 13 2020 10:25:04 SunSirs (Daisy)
The average price of rapeseed oil was 7,687 RMB/ton on March 12, down 3.51% from 7,967 RMB/ton at the beginning of the week, according to SunSirs.
Chengdu area of Sichuan province stopped quotation. Fangcheng areas of Guangxi Province reported price at 7400 RMB/ton. The price was 200 RMB/ton down than that of previous day. Guangdong Dongguan area of the price is 7300 RMB/ton. The price of the previous day is down 300 RMB/ton. 4 grade rapeseed oil prices fell sharply.
On the other hand, the world health organization (WHO) calls the coronavirus outbreak a global pandemic. The economic concerns about the new coronavirus outbreak led to a drop in the price of crude oil. Meanwhile, there is a sharp drop in the spot price of domestic oil market. There is a weak trend in the rapeseed oil market.
At present, domestic rapeseed is in a period of shortage. Domestic rapeseed production reduction has become a foregone conclusion, supporting domestic rapeseed prices. Vegetable oil market demand is light, which put pressure on the market of rapeseed.
Meanwhile, affected by Sino-Canadian relationship, rapeseed imports of raw materials deceased, supporting the rapeseed oil price.
Market forecasting aspect, supported by imported rapeseed, SunSirs rapeseed oil analysts expect that rapeseed oil prices to fall by limited space.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
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