China sells out 100,101 T rapeseed oil reserves
01.03.2011 14:59 "Agro Perspectiva" (Kyiv) —
China sold out all the 100,101 tonnes of rapeseed oil offered at state reserve sales on
Tuesday. Interests picked up as refineries are taking advantage
of cheap prices offered by the government.
The volume brought total sales of government reserves to
873,043 tonnes since October. Before the sales, some traders
estimated the government holds about 2 million tonnes
of rapeseed oil in state reserves.
Tuesdays volume was sold at an average price of 9,523 yuan per tonne, much lower than domestic physical prices
hovering around 10,000 yuan per tonne.
Chinas domestic rapeseed will be harvested in April or
May, when the government would continue to refill its