SunSirs: China Domestic Rapeseed Oil continues to be Weak

According to the monitoring data of SunSirs, the average price of rapeseed oil in the spot market was 13,180 RMB/ton on December 5, and 13,000 RMB/ton on December 9, with a decline of 1.37%.

In terms of supply, a large number of imported rapeseed arrived in Hong Kong, and the rapeseed inventory entered the recovery channel. According to statistics, as of the end of the 49th weekend, the processing volume of domestic imported rapeseed was 135,400 tons, increasing from 95,500 tons last week; Statistics Canada estimates that the output of rapeseed in Canada in 2022/2023 will be 18.17 million tons, lower than the 19.1 million tons predicted earlier, which is good for the seed market and supports a small increase in the spot price of domestic rapeseed. In terms of demand, as the New Year's Day and Spring Festival approach, the market stock gradually starts; However, due to the impact of domestic public events, the oil consumption is not good, and the market procurement is mainly based on rigid demand.

According to the monitoring of SunSirs, the average market price of soybean oil in Shandong was 9,996 RMB/ton on December 5, and 9,829 RMB/ton on December 9, down 1.68%. On December 5, the average price of palm oil in the domestic market was 8,326 RMB/ton, and on December 9, the average price of palm oil in the domestic market was 8,116 RMB/ton, down 2.52%. Last week, under the pressure of bad news, the three major domestic oil and fat markets all showed a weak trend of decline.

With the continuous arrival of imported rapeseed in Hong Kong, the operating rate of oil plants has increased, and the supply of rapeseed oil is expected to increase. The consumption of oil is suppressed by domestic public events. SunSirs rapeseed oil analysts predict that the spot rapeseed oil will tend to be volatile and weak in China.

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