I．National stocks

      This week (as of Mar. 1st), edible palm oil stock totals 782,700 tonnes at domestic ports, up 0.7% from 776,800 tonnes last week and up 112,000 tonnes or 16.7% from 670,700 tonnes month on month, and up 115,200 tonnes by 17.3% from 667,500 tonnes year on year. Meanwhile, industrial palm oil stock at main domestic ports totals 128,900 tonnes, up 4,400 tonnes by 3.5% from 124,500 tonnes last week.

      The palm oil stock this week continues to rise. As after holiday it's off season for oils, the spread between palm oil and soybean oil further expands this week. As of this Friday, the spread was  1,205 tonnes,  up 160 yuan/tonne from 1,045 yuan/tonne last week. However, with the buyers' purchase upon low prices the turnover becomes better a bit, yet the volume is still low. The turnover of palm oil this week was 11,900 tonnes compared with 2,550 tonnes last week. The turnover of soybean oil was 129,800 tonnes. Besides, in recent two weeks palm oil importers are active as the import is still profitable. The shipping  schedule is mostly in March. It's predicted that palm oil stock is possible to increase but won't rise a lot. 

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

      II. Goods Arrivals

      According to the latest statistics by Cofeed, the import for Feb. is expected to maintain the same level as the estimate given last week to settle at 450,000-500,000 tonnes (24-degree palm oil 330,000-380,000 tonnes and industrial palm oil 120,000-150,000 tonnes), and the estimate for Mar. remains flat from that of last week to settle at 340,000-390,000 tonnes (24-degree 220,000-260,000 tonnes and industrial palm oil 120,000-130,000 tonnes).