According to the monitoring data of SunSirs, the average price of rapeseed oil spot market on January 6, 2023 was 12,328 RMB/ton, and the average price of rapeseed oil spot market on January 12 was 11,696 RMB/ton. During the period, the price range fell by 5.13%, down 10.72% from December 1.

The spot price of rapeseed oil was significantly reduced this week. A large number of imported rapeseed oil arrived in Hong Kong in November. According to statistics, the import volume of rapeseed oil in November 2022 was 14.481 million tons, an increase of 77.70% month-on-month. The import volume of rapeseed in November 2022 was 476700 tons, an increase of 517.09% month-on-month. It is estimated that 650,000 tons of rapeseed will arrive at the port in December 2022, and about 715,000 tons of rapeseed will arrive at the port in January 2023. The start-up rate of oil plants rose and the supply of rapeseed oil increased as scheduled; Sichuan Provincial Reserve will increase the supply of rapeseed oil by adding competitive sales and rotation. The control of domestic epidemic situation was fully released, and the demand for oil consumption was limited. The decline of crude oil prices dragged down the oil market.

On January 12, the OI2305 contract, the main force of rapeseed oil futures in Zhengzhou Commodity Exchange (CZCE), opened at 10,129 RMB/ton, closed at 10,055 RMB/ton, fell by 64 RMB/ton, with a maximum of 10,136 RMB/ton and a minimum of 10,020 RMB/ton. Yesterday, it closed at 10,119 RMB/ton, settled at 10,080 RMB/ton, with a trading volume of 369,299 hands and a position of 234,194 hands.

According to the monitoring of SunSirs, the average market price of soybean oil in Shandong Province was 9,310 RMB/ton on January 6, 2023, and the average market price of soybean oil in Shandong Province was 9,226 RMB/ton on January 12, down 0.90%. The average price of palm oil in the domestic market was 7,890 RMB/ton on January 6, 2023, and 7,720 RMB/ton on January 12, down 3.26%. During the period of 1.6-1.12, the spot prices of the three major oils and fats showed a downward trend under the pressure of negative factors, with the largest decline in rapeseed oil.

The imported rapeseed oil keeps arriving in Hong Kong, and the supply of rapeseed oil is expected to increase gradually. The domestic rapeseed oil inventory has not recovered significantly, and there are many negative factors. SunSirs rapeseed oil analysts predict that the rapeseed oil spot may be weak in China.

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