China’s Palm Oil Stocks and Arrivals Weekly (Week 45, 2018)

2018-11-13 www.cofeed.com

I．National stocks

　　This week (as of Nov. 9th), edible palm oil stock at domestic ports totals 402,600 tonnes, up 2,400 tonnes by 0.6% from 400,200 tonnes last week, yet down 45,700 tonnes by 10.2% from 448,300 tonnes month-on-month, and down 84,100 tonnes by 17.3% from 486,700 tonnes year-on-year. Meanwhile, industrial palm oil stock at main domestic ports totals 87,100 tonnes, down 200 tonnes by 0.2% from87,300 tonnes last week.

Domestic palm oil has picked up slightly in stock after a six-week decline. And the volume arrives at port later will also increase, for importers have signed relatively more contracts for ETD in November and December, with a monthly-average of 24-degree palm oil at 400,000 tonnes, according to Coffeed. Besides, while the price spread between palm oil and soybean oil has expanded to 978 yuan/tonne, a 128 yuan/tonne higher from 850 yuan/tonne last week, yet still 60 yuan/tonne lower than the preliminary high level of 1,038 yuan/tonne, palm oil futures also continue to edge down at home and abroad this week. In addition, the blending amount of palm oil has been curbed by declining temperatures so that it is traded quite flat this week at 1,800 tonnes, as against 3,300 tonnes last week. On the whole, importers are still signing contracts despite the slack demand, later inventory of palm oil will keep increasing step by step.

Fig.: China’s palm oil stocks in recent years

II. Goods Arrivals

According to Cofeed, import volume is estimated at 450,000-480,000 tonnes for October (24-degree palm oil 330,000-350,000 tonnes and industrial palm oil 120,000-130,000 tonnes), 530,000-560,000 tonnes for November (24-degree palm oil 400,000-410,000 tonnes and industrial palm oil 130,000-150,000 tonnes), and 530,000-550,000 tonnes for November (24-degree palm oil 400,000 tonnes and industrial palm oil 130,000-150,000 tonnes), unchanged from the discreet value given last week. (Shipping schedule may change in accordance with the market, so information will be updated upon latest shipment and violation in shipment).

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