SunSirs: The Prices of China Rapeseed Oil were Weak in October

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 8,726 RMB/ton on October 27th. During this period, the quotation range decreased by 4.61%.

The market of rapeseed oil in October was mainly fluctuating and declining. In the first half of the month, it first fell and then rose, while in the second half, it showed a downward trend. In the first half of the month, due to the impact of the external market holiday, domestic rapeseed oil spot prices continued to decline, followed by an increase in prices. After the holiday, there was a concentrated demand for restocking in the downstream, and transactions increased. High inventory rapeseed oil showed a downward trend, which is beneficial for the rise of the rapeseed oil market. In addition, the positive USDA report boosted the oil market. Starting from late October, the market for rapeseed oil continued to decline due to a lack of positive factors. The quantity of imported rapeseed is expected to increase significantly in mid October and November, with sufficient domestic rapeseed supply and increased pressure on rapeseed oil supply. The bearish rapeseed oil market has declined.

According to the monitoring of the Commodity Market Analysis System of SunSirs, the average market price of soybean oil in Shandong Province was 8526 RMB/ton on October 1st, and 8,300 RMB/ton on October 27th. During this period, the quotation range decreased by 2.65%. On October 1st, the average price of palm oil in the domestic market was 7,480 RMB/ton, and on October 27th, the average price of palm oil in the domestic market was 7,350 RMB/ton, with a price drop of 1.74% during the period. Oil supply is loose, and prices are weak, with rapeseed oil showing the weakest trend.

With a large number of imported rapeseed arriving in Hong Kong, the pressure on domestic rapeseed oil supply has increased, and it is expected that rapeseed oil will mainly operate with weak fluctuations.

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