I．National stocks
This week (as of Feb. 22th), edible palm oil stock totals 776,800 tonnes at domestic ports, up 1.33% from 766,600 tonnes last week and up 181,900 tonnes by 30.58% from 594,900 tonnes month-on-month, and up 99,400 tonnes by 14.67% from 677,400 tonnes year-on-year. Meanwhile, industrial palm oil stock at main domestic ports totals 124,500 tonnes, up 5,300 tonnes by 4.45% from 119,200 tonnes last week.
The palm oil stock this week continues to rise. As of this Friday, the spread between palm oil and soybean oil has expanded by 72 yuan/tonne from 973 yuan/tonne last week to 1045 yuan/tonne.However, the turnover of palm oil is weak this week for the off season of oils market, the delivery delay of palm oil, and the slow consumption under the low temperature in North. The palm oil consumption after holiday is mainly for rigid demands. In Feb. 24-degree palm oil import will be about 330,000-380,000 tonnes. Because the import volume is more than demand, palm oil stocks are predicted to further increase.
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 rises by 20,000 tonnes from the estimate last week to settle at 670,000 tonnes (24-degree palm oil 520,000 tonnes and industrial palm oil 150,000 tonnes), and the estimate for February this week is 450,000-500,000 tonnes (24-degree 330,000-380,000 tonnes and industrial palm oil 120,000-150,000 tonnes), the same as last week. The estimate of import volume for March this week rises by 20,000 tonnes from last week to settle at 340,000-390,000 tonnes (24-degree palm oil 220,000-260,000 tonnes and industrial palm oil 120,000-130,000 tonnes).
