SunSirs: China Rapeseed Oil Market was Weak Last Week (September 8-14)

According to the monitoring of the Commodity Market Analysis System of SunSirs, the average price of rapeseed oil in the spot market was 9485 RMB/ton on September 8th, and 9,410 RMB/ton on September 14th. During this period, the quotation range decreased by 0.79%.

Recently, the price of rapeseed oil has been continuously declining. Canadian rapeseed has entered the harvest period, with increasing seasonal supply pressure. Canadian rapeseed futures are weak, and import costs have decreased, suppressing the domestic rapeseed market. The quantity of imported rapeseed oil in China is relatively small, and the pressure on rapeseed oil supply is weakened. Due to the average consumption of rapeseed oil in the early stage, domestic rapeseed oil inventory is relatively high, and destocking is relatively slow. Since September, the trend of soybean oil palm oil market has been weak, dragging down the decline of rapeseed oil market.

According to the monitoring of the Commodity Market Analysis System of SunSirs, the average market price of soybean oil in Shandong Province was 9,064 RMB/ton on September 1st, and 8,730 RMB/ton on September 14th. During this period, the quotation range decreased by 3.68%. On September 1st, the average price of palm oil in the domestic market was 7,980 RMB/ton. On September 14th, the average price of palm oil in the domestic market was 7,546 RMB/ton, with a decrease of 1.02% in the quotation range during this period. The market is bearish, with the recent trend of oil and fat being mainly volatile and declining.

The market expects that there will be sufficient supply of imported rapeseed oil in China in the later stage, and the oil will soon enter the peak consumption season. With the mixed supply and demand, it is expected that rapeseed oil will be mainly adjusted due to fluctuations.

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