Chinese edible oil prices are rising, officials say late gains are limited

China News agency, Beijing, December 14 (Xinhua) Chinese Edible Oil prices have recently seen a wave of rallies, prompting some people to snap up. Cao Changqing, director of the National Development and Reform Commission's price division, said today that the price of edible oil has risen, but overall it has fallen more than last year.　　Late-stage cooking oil prices are expected to fluctuate at the current price, but the volatility will not be too large. In the Golden Dragon Fish, Fu, such as several major brands of price increases, since the end of November, domestic edible oil prices have generally risen, the average increase of about 10%.　　In an interview with reporters, Cao Changqing said the price increase was mainly influenced by the international market. In the past two months, the international market of soybean and soybean oil prices have risen markedly. In early December, Chicago's soybean and soybean oil futures increased by 13% and 16% respectively in late September.　　Chinese edible vegetable oil consumption 60% by imports, the international market price rise causes domestic edible oil processing cost increases, the sale price rises upwards. But Cao Changqing pointed out that the current domestic cooking oil prices than last year still a sharp decline. According to the NDRC, the average price of soy-blended oil in 36 large and medium-sized cities earlier this month was 8.3% lower than the same period last year, a 37% lower than the top price last March.　　In the first 11 months of this year, the average retail price of soybean oil and rapeseed oil in 36 large and medium cities continued to fall by 20% and 20% three respectively over a year earlier.　　As for the future trend of edible oil prices, the NDRC expects a slight fluctuation in the current price level, which will not rise sharply in 2007 years. Cao Changqing said that the global oil market will continue to present an oversupply situation, the later international market oil and grease price increases space is limited, domestic edible oil prices will maintain basic stability.　　2009 to 2010, the world's soybean production is expected to increase production of nearly 40 million tons, an increase of 19%, the highest in history. Domestic oil processing enterprises raw materials and finished goods inventory will also inhibit the upward price of edible oil.　　Cao Changqing revealed that China's total imports of 34.88 million tonnes of soybeans in the first 10 months, up more than 13% per cent over the same period last year, will hit record highs in December.　　He also revealed that the Chinese authorities have mastered a large number of oil stocks, the ability to regulate greatly improved, the ability to ensure that the price of edible oil is basically stable. However, Cao Changqing also said that because the international market oil prices are subject to changes in the price of petroleum, the value of the U.S. dollar, speculation and other factors such as the impact of large, also do not rule out a period of higher price fluctuations in the likelihood. Finish