SunSirs: The Price of Rapeseed Oil was Weak and Running smoothly in China in Early December
December 11 2023 15:15:36 SunSirs (Selena)
According to the monitoring of the commodity market analysis system of SunSirs, the average price of rapeseed oil spot market was 8,595 RMB/ton on December 1st, and the average price of rapeseed oil spot market was 8,316 RMB/ton on December 8th, with a price drop of 3.24% during the period.
Since December, the rapeseed oil market has been mainly weak. Affected by the decline in Chicago soybean oil and international crude oil, the three major domestic oils and fats collectively fell on December 6th. Palm oil main contracts fell by more than 3%, rapeseed oil main contracts fell by more than 2%, and soybean oil main contracts remained relatively strong, with a decline of 1.6%. On the 6th, rapeseed oil spot prices were once again lowered. In the fourth quarter, it is expected that a large amount of imported rapeseed will arrive at the port, and the operating rate of oil factories will increase. The supply of rapeseed oil is expected to be loose; High oil inventory and weak demand for oil consumption.
As the weekend approaches, the sentiment in the commodity market has rebounded, and the spot price of rapeseed oil has risen. However, the expected pressure on rapeseed oil supply has increased, and it is expected that rapeseed oil will mainly fluctuate weakly.
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