SunSirs: China Rapeseed Oil Rose first and then Fell in March
March 28 2024 15:13:43 SunSirs (Selena)
According to the monitoring of the commodity market analysis system of SunSirs, the average price of rapeseed oil spot market was 7,985 RMB/ton on March 1st, and the average price of rapeseed oil spot market was 8,213 RMB/ton on March 27th, with a price increase of 2.86% during the period.
The trend of rapeseed oil in the first three weeks of March is relatively strong, but it is weak towards the end of the month. The strong trend of palm oil has driven up the market for rapeseed oil. In addition, the Canadian Department of Agriculture has lowered its rapeseed production and ending rapeseed inventory for the 2024/2025 fiscal year, which has resulted in better rapeseed market conditions and a positive impact on the domestic rapeseed spot market. The profit of imported rapeseed pressing has improved, and there are more new rapeseed ships purchased domestically. It is expected that the quantity of imported rapeseed will increase from March to April, and the operating rate of oil factories will increase. The pressure on rapeseed oil supply is still present. Recently, rapeseed oil inventories have accumulated slightly, reaching a high level in nearly three years, suppressing the decline in the rapeseed oil market. The demand for oil is in the off-season, and the fundamentals of rapeseed oil are poor. It is expected that rapeseed oil will mainly operate with weak fluctuations.
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