This week (as of Jan. 18th), edible palm oil stock totals 594,900 tonnes at domestic ports, up 78,700 tonnes by 15.2% from 516,200 tonnes last week and up 171,700 tonnes by 40.6% from 423,200 tonnes month-on-month, yet down 66,300 tonnes by 10% from 661,200 tonnes year-on-year. Meanwhile, industrial palm oil stock at main domestic ports totals 88,400 tonnes, up 7,000 tonnes by 8.6% from 81,400 tonnes last week.

      The stock of edible palm oil keep growing this week. For one thing, as of this Friday , the spread between palm oil and soybean oil has narrowed by 5 yuan/tonne from 985 yuan/tonne last week to 980 yuan/tonne, though still 203 yuan/tonne below the high level 1,183 yuan/tonne on November 27th, 2018. For another, due to the low temperature in winter, the end-use demand has been restrained and not good for most of the time. Although the performance this week is better than last week, the turnover is still greatly weaker than that of soybean oil. The total turnover of palm oil this week is 2,900 tonnes. Moreover, the stock in the ports of South China greatly increased by 90,000 tonnes last week with the Intensive ship arrival and the stockpiling before holiday is coming to an end. All in all, the palm oil stock this month is very likely to further grow. 

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

II. Goods Arrivals 

      According to the latest statistics by Cofeed, the estimate of import volume for January rise by 50,000 tonnes from last week to settle at 600,000-630,000 tonnes (24-degree palm oil 450,000 tonnes and industrial palm oil 150,000-180,000 tonnes), and the estimate for February this week remains basically unchanged at 410,000-430,000 tonnes (24-degree 280,000-300,000 tonnes and  industrial palm oil 130,000 tonnes). The estimate of import volume for March is 380,000 tonnes (24-degree palm oil 250,000 tonnes and industrial palm oil 130,000 tonnes) (Shipping schedule may change in accordance with the market, so information will be updated upon latest shipment and violation in shipment).