SunSirs: China Rapeseed Oil slightly Increased This Week (January 5-11)
January 12 2024 10:08:25 SunSirs (Selena)
According to the monitoring of the commodity market analysis system of SunSirs, the average price of rapeseed oil spot market was 7,948 RMB/ton on January 5th, and the average price of rapeseed oil spot market was 8,053 RMB/ton on January 11th, with a price increase of 1.32% during the period.
The domestic oil inventory has fallen, and the market pickup has increased, which is beneficial for the rise of rapeseed oil prices. In addition, MPOB released its December supply and demand report, indicating a significant decline in production and inventory of horse palm oil compared to the previous month, supporting a rebound in domestic oil production. A large amount of imported rapeseed has arrived at the port, and the expected loose situation of rapeseed oil output remains unchanged. It is expected that the upward space is limited and may continue to fluctuate weakly.
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