Upcoming festivals drive up Pork prices in China
China's pork prices rose 0.4% during the week ending September
2nd as upcoming holidays spurred an increase in demand, the
Ministry of Commerce (
) said Tuesday.
The increase was 0.1 percentage point higher than that of the
previous week ending August 28, marking the 4th straight week of
rises, according to a statement posted on the MOC website.
High Pork prices, which rose by 57% in July, have become a
major concern in the Country. July's inflation data hit a
37-month high of 6.5%, largely driven up by food prices.
The statement attributed the rise in prices to the fact that
food processing enterprises have increased purchases of meat and
eggs in preparation for the upcoming Mid-Autumn Festival which
lasts from September 10 to 12 as well as the week-long National
Day Holiday that begins on October 1.
Beef and egg prices rose by 1 and 0.4%, respectively, last
week, while mutton and chicken prices inched up 0.3 and 0.2
Meanwhile, 18 staple vegetables saw an increase of 1.5% in
wholesale prices last week, down 4.6 percentage points from the
previous week. Wholesale prices of 8 types of aquatic products
stood unchanged week-on-week due to sufficient supplies.
The wholesale prices of minerals, nonferrous metals, raw
materials for light industry, rubber and chemicals all rose,
while the prices of energy resources, agricultural means of
production and building materials reported mild drops.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red
Roadmaster's Technical Report on the US Major Market Indices, a
weekly, highly-regarded financial market letter, read by opinion
makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and
stock markets since 1984, following a successful business career
that included investment banking, and market and business
analysis. He is a specialist in equities/commodities, and an
accomplished chart reader who advises technicians with regard to
Major Indices Resistance/Support Levels.