Pork prices rise in China with fewer animals for slaughter
Jun, 25, 2021 Posted by Ruth HollardWeek 202126
Live hog futures traded in China advanced more than 5% on the 25th, supported by higher spot market prices and fewer heavy animals sent for slaughter, analysts said.
Prices for live hogs on the Dalian commodities exchange closed up 5.3% at RMB 18,925 ($2,932.84) per ton. Earlier, they reached 18,940 yuan, the highest level in a week.
“It appears that the number of large slaughter pigs is declining, so hog prices have started to recover in recent days,” said China-America Commodity Data Analytics research director Yuan Song.
Recent announcements by Chinese state entities have also given the market a dose of confidence, Song added.
Last week, China’s state planning agency called on the country’s swine producers to keep production capacity at reasonable levels, adding that it will “closely monitor hog production and market price trends” and “drive reserves adjustments as appropriate”.
Source: Money Times
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