Cofeed News: till April 27th this week, edible palm oil at China’s ports come into at 704,700 tonnes, generally rising by 1.7% from 693,000 tonnes last week, and meantime, it is 2.26% higher than 689,100 tonnes on a year-on-year basis with an increase of 15,600 tonnes; by striking contrast, stocks of industrial palm oil are pegged at 68,000 tonnes, down 1,200 tonnes by 1.7% from 69,200 tonnes on the week.

   Till Friday, price gap between soybean oil and palm oil domestically is narrowed at 598 yuan/tonne, and seemingly, performance of oil futures at home and abroad is not so satisfactory factored in buyers’ weakened involvement in market. Total turnover of palm oil this week is merely around 8,400 tonnes, far below 26,400 tonnes last week, such being the case, stockpiles this week are accumulating. According to Cofeed, shipments of palm oil in May and June are under way attributed to import margins, to be specific, around 0.3 Mln tonnes of 24-degree palm oil are expected in May. By and large, stockpiles later will largely trend up.

                       Figure: Comparison of domestic palm oil stocks in recent years

    Imports of palm oil are estimated to be around 0.38 Mln tonnes for April delivery (0.25 Mln tonnes of 24-degree palm oil, 0.13 Mln tonnes of industrial palm oil), unchanged from last estimates; around 0.43 Mln tonnes for May delivery (0.30 Mln tonnes of 24-degree palm oil, 0.13 Mln tonnes of industrial palm oil), unchanged from estimates last week; approximately 0.4 Mln tonnes for June delivery (0.27 Mln tonnes of 24-degree palm oil, 0.13 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.