ANL 10.50 Decreased By ▼ -0.78 (-6.91%)
ASC 9.19 Decreased By ▼ -0.31 (-3.26%)
ASL 11.13 Decreased By ▼ -0.11 (-0.98%)
AVN 76.35 Decreased By ▼ -1.66 (-2.13%)
BOP 5.44 Decreased By ▼ -0.07 (-1.27%)
CNERGY 5.27 Decreased By ▼ -0.14 (-2.59%)
FFL 6.57 Decreased By ▼ -0.19 (-2.81%)
FNEL 5.90 Decreased By ▼ -0.01 (-0.17%)
GGGL 11.08 Decreased By ▼ -0.22 (-1.95%)
GGL 16.44 Decreased By ▼ -0.34 (-2.03%)
GTECH 8.52 Decreased By ▼ -0.47 (-5.23%)
HUMNL 6.89 Decreased By ▼ -0.31 (-4.31%)
KEL 2.90 Decreased By ▼ -0.06 (-2.03%)
KOSM 3.20 Decreased By ▼ -0.26 (-7.51%)
MLCF 26.91 Decreased By ▼ -0.24 (-0.88%)
PACE 3.00 Decreased By ▼ -0.10 (-3.23%)
PIBTL 5.91 Decreased By ▼ -0.20 (-3.27%)
PRL 16.89 Decreased By ▼ -1.17 (-6.48%)
PTC 6.97 Decreased By ▼ -0.11 (-1.55%)
SILK 1.17 Decreased By ▼ -0.02 (-1.68%)
SNGP 36.30 Increased By ▲ 1.55 (4.46%)
TELE 10.59 Decreased By ▼ -0.35 (-3.2%)
TPL 9.13 Decreased By ▼ -0.27 (-2.87%)
TPLP 19.91 Decreased By ▼ -0.58 (-2.83%)
TREET 28.60 Decreased By ▼ -0.80 (-2.72%)
TRG 76.30 Decreased By ▼ -1.20 (-1.55%)
UNITY 19.85 Decreased By ▼ -0.51 (-2.5%)
WAVES 12.66 Decreased By ▼ -0.14 (-1.09%)
WTL 1.36 Decreased By ▼ -0.01 (-0.73%)
YOUW 5.07 Decreased By ▼ -0.44 (-7.99%)
BR100 4,091 Decreased By -25.7 (-0.62%)
BR30 14,953 Decreased By -115.9 (-0.77%)
KSE100 41,348 Decreased By -282.2 (-0.68%)
KSE30 15,737 Decreased By -124.3 (-0.78%)

SHANGHAI: Chinese edible oil futures rallied to multi-year highs on Wednesday ahead of a US report on global agricultural supply and demand, and on expectations for tight oil supplies.

Soyaoil on the Dalian Commodity Exchange rallied over 4% to an 8-year top of 9,184 yuan per tonne on Wednesday. Dalian palm oil also hit its highest in over eight years, advancing nearly 5% to 8,344 yuan per tonne.

Meanwhile, rapeseed oil prices on the Zhengzhou Commodity Exchange rose to a record high of 11,119 yuan per tonne.

“The market expects that US and global soyabeans end-stocks will continue to decline, so there is an expectation of tight supply and demand,” said Haitong Futures edible oils analyst Kong Lingqi, referring to end-stocks data from a US Department of Agriculture report.

“If end-stocks are lower or lower than expected, a rising (edible oil) price trend is certain to happen.”

Chicago soyabeans climbed to their highest in nearly nine years on Wednesday, ahead of the USDA’s World Agricultural Supply and Demand Estimates report, which will give its first global outlook for 2021/22 and update its 2020/21 estimates.

Soyaoil is a byproduct obtained from soyabean crushing for meal.

Comments

Comments are closed.