SunSirs: The Price of Rapeseed Oil first Drops and then Rises after National Day
October 16 2023 14:17:42 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 9,148 RMB/ton on October 1st, and 9,110 RMB/ton on October 13th. During this period, the quotation range decreased by 0.42%.
Affected by the decline in the external market during the holiday, domestic rapeseed oil spot prices have been continuously declining, and prices have risen towards the weekend. After the holiday, there was a demand for centralized replenishment in the downstream, with increased transactions and a downward trend in high inventory of rapeseed oil. However, the market expects domestic imported rapeseed to remain at a high level in the later stage. As rapeseed matures gradually, the operating rate of oil plants increases, and the supply of rapeseed oil is expected to increase.
According to the monitoring of the Commodity Market Analysis System of SunSirs, the average market price of soybean oil in Shandong Province was 8,526 RMB/ton on October 1st, and 8,416 RMB/ton on October 13th. During this period, the quotation range decreased by 1.29%. On October 1st, the average price of palm oil in the domestic market was 7,480 RMB/ton. On October 13th, the average price of palm oil in the domestic market was 7,328 RMB/ton, with a decrease of 2.03% in the quotation range during the period. After the holiday, the three major oils and fats first fell and then rose, with a positive USDA report approaching the weekend, boosting the oil market.
With the arrival of rapeseed in Hong Kong, the pressure on domestic rapeseed oil supply is expected to increase. It is expected that rapeseed oil will mainly operate in a volatile manner, with limited upward space.
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