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Oils Futures Pull Up, Soybean Oil Led the Rise

Word:[Big][Middle][Small] QR Code 2019/3/18     Viewed:    
  Domestic oils opened high and running high on Monday, the Y1209 contract closed at 9332 yuan/ton, higher by 104 yuan/ton, with an increase of 41538 up to current 538400 trans. The P1209 closed at 8270 yuan/ton, higher by 76 yuan/ton, increased 1288 to 154436 trans. RO1209 closed at 9770 yuan/ton, higher by 76 yuan/ton, increased 1442 trans to 48518 trans.
  CBOT soybean oil futures closed with a 0.01 cents decrease at 52.53 cents per pound in March. The Greece's difficulties in accepting financial aid and the up-going US dollar is putting pressure on bean oils. Concerns about the drought in South America's soybeans pushed late-day funds into the market which has recovered most of the previous fall. Domestic soybean oil rose by 20-50 yuan, with prices concentrated at 8660-9800 yuan/ton. The spot market is weaker than the futures market. After all, the current fundamentals are short of substantial profits and demand is relatively light. The market is still dominated by the “weather” of the external market.
  BMD palm oil futures rose in the light tradings on Monday, following the rise of CBOT soybean oil futures. Later, palm oil futures prices will rise further or stop the rising due to less demand and increased oil storage in Malaysia's major ports. Domestic oil rose by 50 yuan, prices concentrated at 7650-8100 yuan/ton. Spot market is driven by futures market, but demand is bleak, traders have limited price increases, market simply lacks the confidence, high inventory and low demand still is great pressure.
  Domestic rapeseed oil rose by 200 yuan, with prices narrowed at 9800-10400 yuan/ton. Performance of rapeseed and downstream products remains stabilized in the coming future. Most oil factories are processing rapeseed at present. Yunnan Province has been boosted by the improvement of the external market, but the price rise has been restrained by the downturn in terminal transactions.
  Overall, domestic oil consumption is gradually weakening, and external factors such as weather will become the main factors affecting the market. Market confidence is still being tested in the absence of substantial advantages and strong uncertainties in China. For now, the oil price has not yet got rid of the fluctuation and idea of buying at a low price is the trend.
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