SunSirs: Declining Inventories, Rising Chinese Rapeseed oil Prices
November 25 2020 08:30:28 SunSirs (Linda)
1. Rapeseed oil market price trend
According to SunSirs monitoring, the average price of rapeseed oil on November 24 was 10,407 yuan/ton, and the average price on the 16th was 10,240 yuan/ton, up 1.64%.
2. Market analysis
On November 24, the quotations in Guangdong and Guangxi were around 10150-10180 yuan/ton, the quotation in Anhui was 10500 yuan/ton, the quotation in Jiangxi was 10530 yuan/ton, and the quotation in Fujian was 10230 yuan/ton. According to monitoring, as of November 20, the vegetable oil inventory of oil plants in Guangdong, Guangdong and Fujian dropped to 33,500 tons, a week-on-week decrease of 3,100 tons, a decrease of 7.47%, and a decrease of 55.63% from 75,500 tons in the same period last year. The vegetable oil market is acceptable, and the delivery speed is relatively fast. The vegetable oil inventory has dropped significantly, supporting the price of vegetable oil.
In terms of domestic rapeseed, there are not many sources in the market, which helps the price rise. In terms of imported rapeseed, there is data monitoring. As of November 20, the imported rapeseed inventory in coastal areas in China was 273,000 tons, a week-on-week decrease of 42,000 tons. The rapeseed inventory is low, and the rapeseed crush in oil plants is also in the near Year low.
3. Market outlook forecast
In the fourth quarter, fats and oils are in the peak consumption season, which supports rape oil prices. Near the end of the month, the spot price of fats and oils has stabilized and declined. Among fats, rapeseed oil has a strong trend. SunSirs rapeseed oil analysts predict that rapeseed oil prices may be high.
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