The reduced demand from China lowers the price of vegetable oil

2020-12-09 12:05:11
Machine translation
The reduced demand from China lowers the price of vegetable oil

the world's Major importers of vegetable oils continue to reduce consumption amid soaring prices and long-term quarantine restrictions using Covid-19.

 

the Lack of purchases by China of soybean and oil in the United States the second week presses on the markets. And the rumors that state-owned Chinese company decided not to increase reserves, has led to falling prices.

 

Yesterday on the stock exchange in Dalian futures for palm oil fell by 1.9% to 6644 yuan/ton or 1017 $/t , and soybean by 2.3% to 7768 yuan/ton, or 1189 $/t

 

Following the price of soybean oil futures palm oil exchange in Malaysia for two days has decreased by 2.1%, to 3366 Ringgits/t or 827 $/ton, despite the decline in palm oil production in the country.

 

Futures on soybean oil at the Chicago Board of CBOT fell yesterday by 0.7% to 826 $/ton amid rainfall in Brazil and export sales, which reduced the 7th week in a row, although higher than last year's pace. During 20-26 November export sales of soybeans from the United States decreased compared to the previous week by 47% to 407 thousand tons, China is the main buyer, but the traders are worried that he became interested in Brazilian soy.

 

a Decline in prices for vegetable oils has increased sales of sunflower oil in Ukraine. Sellers are trying to sell oil at the highest possible price, but active sales lower prices.

 

depending on the delivery period, the prices of Ukrainian sunflower oil are 1080-1110 $/t FOB. According to APK-inform, in November exports of sunflower oil increased compared to the corresponding period in 2019 by 32% to 756,5 million tonnes, of which 40% or record 313 thousand tons were delivered to China.

 

During September – November Ukraine exported 1.6 million tons from a projected 5.8 million tons of sunflower oil, which is 16% higher than last year's rate of exports and a record. The main buyer of Russian oil was China (share in total exports amounted to 32%), who ousted a leading position in India (29%) and EU (22%).

 

Reduction in sunflower crop and the containment of sales manufacturers support the purchase price, but during the week they fell by UAH 1000-1500/ton to 18000-18500 UAH/t with delivery to the plant and match the current level of prices for sunflower oil.

 

the decline in demand for sunflower oil from China, Egypt and Iran this week to hold a tender, will demonstrate what the maximum price buyers are willing to pay.

 

Egyptian GASC will hold on Thursday a tender for the purchase of 30 thousand tons of soybean and 10 thousand tons of sunflower oil with delivery from 28 January to 14 February, and Iranian State trading company 8 December will hold an international tender for the purchase of 30 thousand tons of sunflower oil.

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