SunSirs: Positive Support for Continuous Rise in China Rapeseed oil Prices in June

According to the monitoring of the commodity market analysis system of SunSirs, the average price of Rapeseed oil in the Spot market was 7,978 RMB/ton on June 1, and the average price of Rapeseed oil in the Spot market was 9,048 RMB/ton on June 28, with a rise of 13.41% during the period.

The spot price of rapeseed oil continued to rise in June. The number of imported rapeseed increased significantly from January to May, with oil factories operating at a high level. The supply of rapeseed oil was abundant and continued to accumulate. Starting from June, the number of imported Canadian rapeseed will gradually decrease, and the supply pattern of rapeseed oil will shift from loose to balanced in the later stage. Due to the impact of El Nino, the main rapeseed producing areas in Canada and drought predictions in Australia have led to a decrease in rapeseed production estimates. The suspension of interest rate hikes by the Federal Reserve in June and the news of domestic interest rate cuts in June have boosted the market for rapeseed oil.

According to the monitoring of the commodity market analysis system of SunSirs, the average market price of Soybean oil in Shandong was 7,200 RMB/ton on June 1, and the average market price of Soybean oil in Shandong was 8,000 RMB/ton on June 28, during which the quotation increased by 11.11%. On June 1st, the average price of palm oil in the domestic market was 7,066 RMB/ton, and on June 28th, the average price of palm oil in the domestic market was 7,602 RMB/ton, with a price increase of 7.59% during the period. Positive support, oil spot prices mainly fluctuate and rise in June.

The short-term supply of rapeseed oil is loose, and it is expected that the price of rapeseed oil will fluctuate and adjust mainly, with upward pressure still remaining.

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