Mumbai, 24 Jun (Commoditiescontrol): During the week ending June 21, rapemeal prices in China experienced a substantial decline, primarily driven by a drop in soymeal prices and an oversupply in the market. Last week's spot prices for rapemeal in major production regions ranged from RMB2,510 to RMB2,620 per metric ton (MT), marking a decrease of RMB100-130/MT compared to the previous week. The most active September delivery contract closed at RMB2,581/MT on the Zhengzhou Commodity Exchange on Friday, down RMB117/MT from the week prior.
The market is currently grappling with a robust supply outlook. Projections indicate that China's monthly imports of soy will exceed 10 million MT from June through August. Concurrently, imported rapeseed arrivals are expected to surpass 550,000 MT per month from June to October.
Demand factors are also influencing the market. Adverse weather conditions in southern China have disrupted aquaculture activities, leading to a reduced demand for aquafeed. This diminished demand, coupled with the ample supply and lower soymeal prices, has exerted further downward pressure on rapemeal prices.
(By Commoditiescontrol Bureau; +91-9820130172)
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