1. Rapeseed oil market price trend
At the beginning of the week, the average domestic rapeseed oil price was 10,632 yuan/ton, and the average weekend price was 10,770 yuan/ton, an increase of 1.29%.
2. Market analysis
On July 2nd, the quotations in Guangdong and Guangxi were 10320-10370 yuan/ton, the Shaanxi quotations were 10800 yuan/ton, and the Fujian quotations were 10420 yuan/ton. Mainly due to the USDA report released bullish, rape oil spot increased. The hot and dry weather in Canada’s production areas has caused damage to the growth of rapeseed. The production of rapeseed has declined, the price of added seeds has risen again, and the cost of imported rapeseed has risen, which is good for the price of rapeseed. The weather is hot, the oil consumption is in the off-season, and the downstream purchases are average.
According to statistics, as of the week of June 28, 2021, the commercial inventory of vegetable oil in major oil plants in East China was approximately 247,000 tons, a month-on-month decrease of 11,000 tons.
On July 2, the main OI2109 contract of vegetable oil futures on the Zhengzhou Commodity Exchange (CZCE) opened 10260 yuan, closed 10314 yuan, up 247 yuan, highest 10315 yuan, lowest 10169 yuan, yesterday closed 10067 yuan, settlement 10237 yuan, trading volume 385289 Hands, 142710 hands.
3. Market outlook
Palm oil led the gains on Friday, while vegetable oil followed the rise. Vegetable oil may have a strong trend.