SunSirs: China Rapeseed oil Prices Fell Last Week (September 4-8)
September 12 2023 14:05:58 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 9,801 RMB/ton on September 4th, and 9,485 RMB/ton on September 8th. During this period, the quotation range decreased by 3.23%.
Last week, the price of rapeseed oil fluctuated, fell, and rose. On the 8th, rapeseed oil futures fell 2.46%, and spot prices of rapeseed oil followed suit. Canadian rapeseed has entered the harvest period and seasonal supply pressure has increased. On Thursday, the Intercontinental Exchange (ICE) Canadian rapeseed futures market fell, with the benchmark period closing down about 1.55%, suppressing the domestic rapeseed oil market. Domestic rapeseed oil inventory is relatively high. Although the quantity of imported rapeseed oil in China has decreased, it is expected that the supply of imported rapeseed oil is sufficient; Rapeseed oil consumption is weak. It is expected that the rapeseed oil will mainly operate with weak oscillation.
According to the monitoring of the Commodity Market Analysis System of SunSirs, the average market price of soybean oil in Shandong Province was 8,870 RMB/ton on September 4th, and 8,686 RMB/ton on September 8th. During this period, the quotation range decreased by 2.07%. On September 4th, the average price of palm oil in the domestic market was 7,812 RMB/ton. On September 8th, the average price of palm oil in the domestic market was 7,624 RMB/ton, with a decrease of 2.41% in the quotation range during this period. This week, the overall decline in oil prices was the main, with rapeseed oil experiencing a significant decline.
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