National Grain and Material Reserve Data Center: On January 16th, the commercial inventory of soybean oil in China was 980,000 tons, a decrease of 60,000 tons on a weekly basis, a decrease of 120,000 tons on a monthly basis, and an increase of 80,000 tons year-on-year.
The article shows that on January 16th, the commercial inventory of soybean oil in China was 980,000 tons, a decrease of 60,000 tons on a weekly basis and 120,000 tons on a monthly basis, indicating that short-term supply is tightening and demand may increase, which is favorable for spot prices. A year-on-year increase of 80,000 tons indicates that inventory levels are still higher than the same period last year, which may limit the increase, but the short-term downward trend is more significant. Based on data from the soybean oil futures market, the closing price of the main contract 2605 is 8,032 RMB/ton, up 26 RMB, indicating an increase in holdings and a strong bullish sentiment in the market. The news of inventory decline may further support the rise in futures prices.
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