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Statistical analysis on domestic palm oil stocks and arrivals weekly(week 45, 2017)

2017-11-15 www.cofeed.com
I.Port stocks in China

    Cofeed News: till November 11th(this week), stocks of edible palm oil at China’s ports have climbed to 486,700 tonnes by 6.8% from 455,700 tonnes last week, and up 19.9% against 405,900 tonnes the same period last month with an increase of 80,800tonnes; while stocks of industrial palm oil have slightly downgraded to 64,100 tonnes by 7.8% from last week’s 69,500 tonnes, with a drop of 5,400 tonnes. Generally, domestic stocks of palm oil start to pile up this week, especially in South China. Chinese buyers are proactive in procurement as import margins go better though price gap between soybean oil and palm oil spots is raised to 308 yuan/tonne, still far below the normal level of 800-1,000 yuan/tonne. In addition, the blending of palm oil is seriously affected by colder weather in China, which also limits its turnover. Later, domestic palm oil will continue to accumulate but it still takes time to rebuild the stocks.


                           Figure: Comparison of domestic palm oil stocks in recent years

II.Arrivals
    Imports of palm oil in October are adjusted to 0.45-0.50 Mln tonnes(0.35-0.38 Mln tonnes of 24-degree palm oil, 0.1-0.12 Mln tonnes of industrial palm oil), roughly 0.45 Mln tonnes in November(0.35-0.37 Mln tonnes of 24-degree palm oil, 0.1-0.12 Mln tonnes of industrial palm oil); about 0.47 Mln tonnes in December(0.35-0.37 Mln tonnes of 24-degree palm oil, 0.1-0.12 Mln tonnes of industrial palm oil). Arrivals of palm oil may change with the market and shipping schedule, therefore information will be updated according to latest shipments and possible defaults.