According to the monitoring of the commodity market analysis system of SunSirs, the average price of rapeseed oil in the Spot market was 8,203 RMB/ton on June 9, and the average price of rapeseed oil in the Spot market was 8,480 RMB/ton on June 15, with a rise of 3.37% during the period.

The spot price trend of rapeseed oil is relatively strong last week. Zhengzhou Oil futures rose 4.24% on Friday. El Nino weather affects the operation of oil and fat crops with strong spot prices. The operating rate of the oil factory remains high, with sufficient supply of rapeseed oil and high inventory pressure. In terms of domestic rapeseed, a large number of domestic new season rapeseed have been put on the market, increasing the supply of domestic rapeseed oil. The demand for rapeseed oil is not performing well, and inventory continues to increase. In the later stage, the import of rapeseed from Canada to Hong Kong may decrease, and the supply of rapeseed oil will shift from a relaxed to a balanced pattern, easing the supply pressure.

According to the monitoring of the commodity market analysis system of SunSirs, the average market price of Soybean oil in Shandong was 7,412 RMB/ton on June 9, and the average market price of Soybean oil in Shandong was 7,648 RMB/ton on June 15, during which the quotation rose 3.18%. On June 9th, the average price of palm oil in the domestic market was 7,228 RMB/ton, and on June 15th, the average price of palm oil in the domestic market was 7,360 RMB/ton, with a price increase of 1.83% during the period. There are many positive factors, and the oil market is mainly strong last week.

The Federal Reserve suspended interest rate hikes in June, and domestic interest rate cuts exceeded expectations. Coupled with the impact of the El Nino weather period, multiple positive factors boosted the short-term trend of strong fluctuations in rapeseed oil. However, there is still pressure on rapeseed oil supply in China, and it is expected that there is limited upward space.

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