China pork price has worst week on record on poor demand outlook

BEIJING (Reuters) - China-traded live hog futures ended the week down more than 9%, their biggest weekly drop on record, after heavy slaughter and weak demand put further pressure on spot prices. The contract traded on the Dalian exchange closed at 19,000 yuan ($2,733) a tonne, just above the low of early April. Pork futures began trading in China in January 2021. Spot prices fell 17% last week to 21.4 yuan per kilogram, according to Shanghai JC Intelligence, erasing all gains from a rally during the summer when they hit 28 yuan per kilogram in late October. The drop in prices comes after producers increased slaughter volumes in hopes of improving demand towards the end of the year and after Beijing asked for guarantees of stable supplies. However, demand, weak throughout the year due to China's strict measures to stop the spread ...