Bottlers’ tanks are sufficiently full in Spain and Italyafter some speculative movements in April and early May, trade is now reduced to minimum levels, practically 30% less than the average of the last five years.
Obviously, this dynamic was also driven by the reduction in supply and demand, due to the low production of the last olive oil campaign and the high prices.
The prices of olive oils in Spain have decreased but it is a decline that indicates the tension awaiting more precise indications on the next olive oil campaign, rather than a trend. Oscillations within the range of 10-15 cents are physiological given the current high market prices.
The drop in the price ofextra virgin olive oil in Spain at 7.9 euros/kg. A downward trend could only be triggered if the indications on the next olive oil campaign, which will begin to be reliable within a few weeks, confirm a fully charged year in Spain, Greece, Portugal and Tunisia. Therefore a return of overall production above 3 million tonnes.
The price of virgin olive oil in Spain also dropped to 7.4 euros/kg. This category suffered the steepest price drop of the week and the highest trading. This is not surprising given that it is probably the most present commercial category in Spanish stocks.
The price difference with thelampante oil, which today prices in Spain 7.1 euros/kgdown by approximately 10 cents (peaks excluded) compared to the previous week.
In Italy no significant decline, except for virgin oil and lampante oil in the markets of Lecce, Brindisi and Taranto. The price of lampante reached 5.8 euro/kg and that of virgin 7.5 euro/kg according to Ismea markets as of 6 June.
The reference price on the Bari squarewhere today there are stocks for the market, is 9.6 euro/kg according to Ismea markets to June 3, 9.4-9.6 euros/kg according to the Bar Chamber of Commercei to June 11th e 9.6 euro/kg according to the Borsino dell’Olio di Teatro Naturale to June 12th. An absolute and substantial stability of prices while stocks are consumed more every day.
