Cofeed News: edible palm oil at China’s ports totals 617,600 tonnes this week ended June 22nd, up 25,500 tonnes contrasting with 592,100 tonnes last week , but vis-a-vis 642,900 tonnes the same week of May, it is still down 25,300 tonnes by 3.9%. Stocks of industrial palm oil come into at 74,200 tonnes, down 1,200 tonnes by 1.5% from 75,400 tonnes attained last week.

    Till Friday, price gap between soybean oil and palm oil stays at 683 yuan/tonne. Given oils futures at home and abroad slide, buyers would rather stand on the sideways to avert market risks. That results in a light turnover, in detail, traded volume of palm oil this week totals 10,000 tonnes contrasting with 13,500 tonnes last week. Additionally, increasing port arrivals pile up stocks of palm oil this week. And as Chinese importers increase vessels buying seeing lucrative import margins, stockpiles will further trend up.

                          Figure: Comparison of domestic palm oil stocks in recent years

    Estimated imports of palm oil are shown as follows: June: around 0.42-0.45 Mln tonnes (0.27-0.30 Mln tonnes of 24-degree palm oil, 0.12-0.13 Mln tonnes of industrial palm oil), down 0.02 Mln tonnes from last estimate. July: approximately 0.43-0.44 Mln tonnes (0.30-0.31 Mln tonnes of 24-degree palm oil, 0.13 Mln tonnes of industrial palm oil); August: nearly 0.47 Mln tonnes (0.34 Mln tonnes of 24-degree palm oil, 0.13 Mln tonnes of industrial palm oil). September: 0.46 Mln tonnes (0.30 Mln tonnes of 24-degree palm oil, 0.16 Mln tonnes of industrial palm oil), all basically unchanged from last estimates. Arrivals of palm oil may change with the market and shipping schedule, therefore information will be updated according to latest shipments and possible defaults.