I．National stocks
This week (as of Mar. 15th), edible palm oil stock totals 753,900 tonnes at domestic ports, down 1.2% from 763,000 tonnes last week and down 12,700 tonnes or 1.6% from 766,600 tonnes month on month, and up 104,800 tonnes or 16.1% from 649,100 tonnes year on year. Meanwhile, industrial palm oil stock at main domestic ports totals 127,900 tonnes, up 1,500 tonnes by 1.2% from 126,400 tonnes last week.
The palm oil stock this week further declines. As of this Friday, the price spread between palm oil and soybean oil expands to 1,138 yuan/tonne, which will increase palm oil demand. Besides, after the consumption in recent days and the replenishment upon low prices for some buyers in this week amid the insufficient stock in middle channels, this week the turnover of palm oil upon low prices becomes better and settles at 10,100 tonnes compared with 3,500 tonnes last week. Moreover, with the favorable profit for palm oil import, China's importers continue to make orders, especially for shipment in April. The import volume in April is expected to be 420,000 tonnes (24-degree palm oil 300,000 tonnes; industrial palm oil 120,000 tonnes) and the stock will very likely rise again.
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 February this week keep flat with last week to settle at 450,000-480,000 tonnes (24-degree palm oil 330,000 tonnes and industrial palm oil 120,000-150,000 tonnes), and the estimate for March this week remains basically unchanged at 340,000-390,000 tonnes (24-degree 220,000-260,000 tonnes and industrial palm oil 120,000-130,000 tonnes). The estimate of import volume for April is 420,000 tonnes (24-degree palm oil 300,000 tonnes and industrial palm oil 120,000 tonnes)
