SunSirs: The Price of Rapeseed Oil increased Last Week (July 17-21)
July 26 2023 09:35:03 SunSirs (Selena)
According to the monitoring of the commodity market analysis system of SunSirs, the average price of rapeseed oil in the Spot market was 9,921 RMB/ton on July 17, and the average price of Rapeseed oil in the Spot market was 10,103 RMB/ton on July 21, with the quotation rate rising 1.83% during the period.
Last week, the price of rapeseed oil showed a strong trend. July October is a period of global rapeseed supply that is experiencing a shortage. In June, the quantity of imported rapeseed in China decreased compared to the previous period, and the supply of rapeseed oil will be eased. Due to the impact of weather and drought, the yields of Canadian rapeseed, Australian rapeseed, and European Union rapeseed have fallen short of expectations, and the production rate is expected to decrease. At present, it is a holiday season with hot weather and low demand for oil.
The quantity of imported rapeseed in China will decrease in the third quarter, and domestic rapeseed oil inventory may decline from a high level. The pressure on rapeseed oil supply has weakened, and it is expected that rapeseed oil prices will fluctuate strongly.
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