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SunSirs: Rapeseed Oil Price Decreased

April 23 2020 11:08:46     SunSirs (Daisy)

The average price of rapeseed oil on April 22 was 7612 yuan/ton, the price was 0.9 percent lower than the beginning of the week.

The quotation is 7430 yuan/ton in Chengdu, Sichuan, 7200 yuan/ton in Fangcheng, Guangxi and 7250 yuan/ton in Dongguan, Guangdong. Crude oil prices fell sharply, dragging on the oil market, down rapeseed oil prices. Domestic food and beverage market gradually recovered, and the market for oil demand has improved, supporting rapeseed oil prices.

Domestic rapeseed supply is less, supporting domestic rapeseed price. Domestic rapeseed meal shock relatively and was in strong operation. Plus, rapeseed meal inventory is less, and aquaculture gradually entered the peak season of consumption, to boost the rapeseed meal market.

Market Forecast: SunSirs rapeseed oil analysts expect that rapeseed oil will shock adjustment to run mainly.

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