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

Published 2022년 12월 9일

Tridge summary

China-traded live hog futures saw their biggest weekly drop on record, falling over 9%. This was due to heavy slaughter and weak demand, putting downward pressure on spot prices. The contract traded on the Dalian exchange closed at 19,000 yuan a tonne, just above the early April low. Spot prices also fell 17% last week, erasing all summer rally gains. The drop in prices is due to producers increasing slaughter volumes and Beijing's request for stable supplies. However, demand, already weak due to China's Covid measures, has not improved.

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Original content

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 ...

Source: Mixvale