SunSirs: China Rapeseed Oil PricesFell Last Week (November 6-10)
November 14 2023 10:22:58 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 8,778 RMB/ton on November 6th, and 8,733 RMB/ton on November 10th. During this period, the quotation range decreased by 0.51%.
Last week's rapeseed oil market was mainly volatile and fell, with a lack of positive market support and a weak market trend. The quantity of imported rapeseed is expected to increase significantly from November to December, leading to increased pressure on domestic rapeseed oil supply and a decline in bearish rapeseed oil prices. Worries about the global economic outlook, coupled with a easing of the geopolitical situation, have led to a decline in international oil prices, dragging down domestic rapeseed oil prices.
According to the monitoring of the Commodity Market Analysis System of SunSirs, the average market price of soybean oil in Shandong Province was 8,434 RMB/ton on November 6th, and 8,426 RMB/ton on November 10th. During this period, the quotation range decreased by 0.09%. On November 6th, the average price of palm oil in the domestic market was 7,288 RMB/ton, and on November 10th, the average price of palm oil in the domestic market was 7,280 RMB/ton, with a decrease of 0.11% in the quotation range during the period. Last week, the soybean oil palm oil market was mainly characterized by narrow fluctuations, with high domestic oil inventory being the main focus.
From November to December, a large amount of imported rapeseed has arrived in Hong Kong, increasing the pressure on domestic rapeseed oil supply. It is expected that rapeseed oil will mainly operate in weak fluctuations.
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