SunSirs: China's Rapeseed Oil Market Fluctuates Strongly
October 21 2020 08:35:30 SunSirs (Linda)
1. Rapeseed oil market price trend
According to SunSirs monitoring, the average price of rapeseed oil on October 12 was 9,585 yuan/ton, and the average price on October 19 was 9,610 yuan/ton, an increase of 0.26%.
2. Market analysis
On October 19, the Guangdong and Guangxi regions offered around RMB 9,470-9,600/ton, the Anhui area offered RMB 9,800/ton, the Sichuan area offered RMB 9,870/ton, and the Jiangsu area offered RMB 9,600/ton. Horse palm oil led the decline in fats and oils on the 19th, and the spot price of rape oil fell. According to statistics, as of the week of October 16, vegetable oil inventories in Guangdong, Guangdong and Fujian increased to 51,500 tons, an increase of 2,200 tons from 49,300 tons in the previous week, an increase of 4.46%, but compared with the same period last year, a decrease of 39.34% to 84,900 tons.
In terms of domestic rapeseed, the supply of domestic rapeseed in the market is gradually decreasing, and the downstream products are acceptable. The domestic rapeseed is operating at a high level, and the upward movement is strong. In terms of imported rapeseed, the quality of imported rapeseed last year led to restrictions on imports of Canadian rapeseed and the impact of the Meng Wanzhou incident. Sino-Canadian relations have become more tense. At present, my country's rapeseed oil inventory has fallen compared with last year, which supports rapeseed oil prices and limits its downside.
3. Outlook forecast
SunSirs rapeseed oil analysts predict that the current weak oil market may suppress rape oil prices downward.
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