SunSirs: China Rapeseed Oil was Running strongly Last Week (February 18-23)
February 28 2024 09:57:49 SunSirs (Selena)
According to the monitoring of the commodity market analysis system of SunSirs, the average price of rapeseed oil spot market was 7,801 RMB/ton on February 18th, and 7,920 RMB/ton on February 23rd, with a price increase of 1.52% during the period.
After the Spring Festival, the trend of rapeseed oil tends to be strong. Downstream phased replenishment after the Spring Festival to boost the market; In addition, the strong trend of palm oil has driven the overall rise of the oil and fat market. In the first quarter, domestic imported rapeseed supply was loose, and with the end of the Spring Festival holiday, the operating rate of oil factories will increase, leading to an expected increase in rapeseed supply; After the Spring Festival, the demand for rapeseed oil has entered a low season, and it is expected that after the rebound of rapeseed oil, it will continue to fluctuate and operate weakly.
According to the monitoring of the commodity market analysis system of SunSirs, the average market price of soybean oil in Shandong Province was 7,642 RMB/ton on February 18th, and the average market price of soybean oil in Shandong Province was 7,786 RMB/ton on February 23rd, with a price increase of 1.88% during the period. On February 18th, the average price of palm oil in the domestic market was 7,220 RMB/ton, and on February 23rd, the average price of palm oil in the domestic market was 7,490 RMB/ton, with a price increase of 3.74% during this period. After the holiday, the overall trend of domestic oil and fat is mainly strong, with a large upward space for palm oil, driving the strength of oil and fat.
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