SunSirs: The Price of Rapeseed Oil Continued to Decline This Week (April 24-28)
May 05 2023 13:39:41 SunSirs (John)
Price trend
According to the monitoring of the Commodity Market Analysis System of SunSirs, the average price of rapeseed oil in the spot market was 8,786 RMB/ton on April 24th, and 8,528 RMB/ton on April 28th. During this period, the quotation range decreased by 2.94%.
Analysis review
This week, the price of rapeseed oil continued to decrease, and the market was difficult to overcome its weakness. The number of imported rapeseed continued to steadily increase, with the quantity of imported rapeseed and imported rapeseed oil at a high level in the first quarter. The operating rate of oil plants was at a high level, and the supply of rapeseed oil was sufficient. The downstream demand for rapeseed oil was average, and the procurement was mainly based on demand, which had limited support for its price.
According to the monitoring of the Commodity Market Analysis System of SunSirs, the average market price of soybean oil in Shandong Province was 8,160 RMB/ton on April 24th. On April 28th, the average market price of soybean oil in Shandong Province was 8,084 RMB/ton, with a price drop of 0.93% during the period. On April 24th, the average price of palm oil in the domestic market was 7,584 RMB/ton. On April 28th, the average price of palm oil in the domestic market was 7,424 RMB/ton, with a decrease of 2.11% in the price range during the period. Negative factors dominated. This week's oil market was mainly fluctuating and declining..
Market outlook
The fundamentals of rapeseed oil were poor, and it is expected that prices will fluctuate and operate weakly.
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