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China sells 57 pct of rapeseed oil reserves offered this week

Published 2015-12-10, 11:58 p/m
© Reuters. China sells 57 pct of rapeseed oil reserves offered this week

BEIJING, Dec 11 (Reuters) - China sold 57 percent of the
63,877 tonnes offered from state reserves this week as the
government restarts its regular weekly sales, official data
showed on Friday.
Beijing is holding about 5.8 million tonnes of rapeseed oil
in reserves following years of stockpiling.
Large sales by the government could pressure domestic edible
oil prices 0#DBY: 0#COI: by increasing the supply of the
oilseed.
China sold 36,575 tonnes from the 61,336 tonnes from stocks
stored in 2010 at an average price of 5,390 yuan ($835.72) per
tonne, data published by the official National Grain Trade
Centre showed.
There was no bidder for the 2,541 tonnes of 2009 stocks
offered in the sale.
Domestic Zhengzhou rapeseed oil futures COIF6 edged down
0.04 percent in the morning session to trade at 5,702 yuan per
tonne.
Canada is the largest exporter of rapeseed, also known as
canola.
($1 = 6.4495 yuan)

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