I．National stocks

      This week (as of Jan. 25th), edible palm oil stock totals 638,200 tonnes at domestic ports, up 43,300 tonnes by 7.3% from 594,900 tonnes last week, and up 163,100 tonnes by 34.3% from 475,100 tonnes month-on-month, yet down 21,000 tonnes by 3.2% from 659,200 tonnes year-on-year. Meanwhile, industrial palm oil stock at main domestic ports totals 91,400 tonnes, up 3,000 tonnes by 3.6% from 88,400 tonnes last week.

      The stock of edible palm oil keep growing this week. For one thing, in the wake of the continuing palm oil arrivals and the slight narrowing spread between palm oil and soybean oil, as of this Friday, the spread between palm oil and soybean oil has fallen by 2 yuan/tonne from 980 yuan/tonne last week to 978 yuan/tonne, though still 205 yuan/tonne below the high level 1,183 yuan/tonne on November 27th, 2018. For another, the end-use demand has been restrained by the low temperature in winter, and the dealers are leaving the ports and returning home for Spring Festival amid stockpiling coming to an end with a few days left ahead of holiday. The total turnover of palm oil this week is only 4,100 tonnes. And the demand after holiday will further decline for the slack season of oils market. The palm oil stock in China is very likely to further grow. 

II. Goods Arrivals

      According to the latest statistics by Cofeed, the estimate of import volume for January is the same as 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 falls by 50,000 tonnes from last week to 360,000 tonnes (24-degree 240,000 tonnes and  industrial palm oil 120,000 tonnes). The estimate of import volume for March falls by 50,000 tonnes from last week to 330,000 tonnes (24-degree palm oil 200,000 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).