SunSirs: Rapeseed Oil Prices Fell This Week (October 16-20)
October 25 2023 10:04:23 SunSirs (John)
Price trend
According to the monitoring of the Commodity Market Analysis System of SunSirs, the average price of rapeseed oil in the spot market was 9,203 RMB/ton on October 16th, and 8,946 RMB/ton on October 20th. During this period, the quotation range decreased by 2.79%.
Analysis review
This week, rapeseed oil fluctuated and fell mainly. As of October 20th, the operating rate of oil plants was low, and the pressure on rapeseed oil supply was not significant. The rapeseed harvest period was about to end, and the pressure of centralized listing was suppressing the rapeseed oil market. The number of imported rapeseed is expected to increase in November, with sufficient domestic rapeseed supply and increased pressure on rapeseed oil supply. The bearish rapeseed oil market had declined. The supply of rapeseed oil is expected to be loose in the fourth quarter, and it is expected to fluctuate to be weaker.
According to the monitoring of the Commodity Market Analysis System of SunSirs, the average market price of soybean oil in Shandong Province was 8,436 RMB/ton on October 16th, and 8,300 RMB/ton on October 20th. During this period, the quotation range decreased by 1.16%. On October 16th, the average price of palm oil in the domestic market was 7,408 RMB/ton, while on October 20th, the average price of palm oil in the domestic market was 7,298 RMB/ton, with a price drop of 1.48% during the period. The three major oils and fats had mainly experienced fluctuations and declines, while rapeseed oil had a greater potential for decline.
Market outlook
With the arrival of rapeseed at ports, the pressure on domestic rapeseed oil supply is expected to increase, and it is expected that rapeseed oil will mainly fluctuate to be weaker.
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