SunSirs: Positive Boost, China Rapeseed Oil Rises
January 26 2024 11:10:07 SunSirs (Selena)
According to the monitoring of the commodity market analysis system of SunSirs, the average price of rapeseed oil spot market was 8,115 RMB/ton on January 22, and the average price of rapeseed oil spot market was 8,193 RMB/ton on January 25, with a price increase of 0.97% during the period.
Recently, the price of rapeseed oil has risen. On the one hand, boosted by holiday stocking, domestic oil and fat inventories have decreased. According to data statistics, domestic rapeseed oil inventories have decreased by 460,300 tons, with a weekly decrease of 21,300 tons and a month on month decrease of 4.42%. The decrease in inventory supports an increase in rapeseed oil prices. On the other hand, palm oil is in a seasonal production reduction cycle, which is beneficial for the oil and fat market. Due to the large amount of imported rapeseed in China in November and December of 2023, the pressure on rapeseed oil inventory has increased. It is expected that the import quantity will decrease from January to March this year, and the supply pressure will weaken. It is expected that in the short term, rapeseed oil will be affected by the holiday boost, and prices may fluctuate slightly, with limited upward space.
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