SunSirs: China Rapeseed Oil Prices increased Last Week (June 2-9)
June 14 2023 09:50:38 SunSirs (Selena)
According to the monitoring of the commodity market analysis system of SunSirs, the average price of Rapeseed oil in the Spot market on June 2 was 8,036 RMB/ton, and the average price of Rapeseed oil in the Spot market on June 9 was 8,203 RMB/ton, with a 2.07% increase in the quotation during the period.
At the beginning of the week, the spot price of rapeseed oil rebounded significantly. Mainly driven by the increase in crude oil prices, spot prices have risen. In the early stage, the quantity of imported rapeseed and imported rapeseed oil in China was loose, and the operating rate of oil factories remained high. The supply pattern of rapeseed oil remained loose, and inventory pressure was relatively obvious. In terms of domestic rapeseed, a large number of domestic new season rapeseed have been launched, increasing the supply of domestic rapeseed. The demand for rapeseed oil is not performing well.
According to the monitoring of the commodity market analysis system of SunSirs, the average market price of Soybean oil in Shandong was 7,296 RMB/ton on June 2, and the average market price of Soybean oil in Shandong was 7,412 RMB/ton on June 9, during which the quotation rose 1.59%. On June 2nd, the average price of palm oil in the domestic market was 7,166 RMB/ton, and on June 9th, the average price of palm oil in the domestic market was 7,228 RMB/ton, with a price increase of 0.87% during the period. On Friday, the oil futures market rose significantly, driving the spot market up.
The pressure on domestic rapeseed oil supply is still ongoing, and there is limited room for short-term upward supply of rapeseed oil, which may be dominated by weak operations.
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