November 27, 2018 / 7:32 AM / 18 days ago

China rapemeal futures fall ahead of Sino-U.S. talks

BEIJING, Nov 27 (Reuters) -

* China’s rapeseed meal futures dropped 3.5 percent on Tuesday, their biggest daily drop since May 2017, weighed down by renewed hopes of improving Sino-U.S. trade relations

* The most actively traded rapeseed meal futures on Zhengzhou Commodity Exchange,, fell 3.47 percent to 2,196 yuan ($315.83) per tonne

* The most actively traded soymeal futures on Dalian Commodity Exchange,, fell 1.2 percent to 3,037 yuan per tonne

* Both rapemeal and soymeal are important protein sources for animal feed in China. Supplies of soybeans to make soymeal are under pressure after Beijing slapped steep tariffs on imports from No. 2 bean supplier, the United States, on July 6

* Chinese President Xi Jinping is expected to meet with his U.S. counterpart Donald Trump at the G20 summit at the end of this week

* Rapemeal demand is also weak in winter months as demand from aquaculture falls, said Pan Tiantian, analyst with Zheshang Futures

* Chinese futures are also facing a broader selloff this week amid negative sentiment on macroeconomic outlook, said traders, with industrial products slumping to multi-month lows ($1 = 6.9531 Chinese yuan) (Reporting by Hallie Gu and Dominique Patton; Editing by Rashmi Aich)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below