I．National stocks
This week (as of Apr. 5th), edible palm oil stock totals 761,900 tonnes at domestic ports, down 0.6% from 766,600 tonnes last week and down 1,100 tonnes or 0.1% from 763,000 tonnes month on month, and up 53,200 tonnes or 7.5% from 708,700 tonnes year on year. Meanwhile, industrial palm oil stock at main domestic ports totals 128,300 tonnes, down 1,400 tonnes or 1.1% from 129,700 tonnes last week.
The palm oil stock this week stop rising and decline. However, the spread between palm oil and soybean oil this week narrows a bit. As of this Thursday, the spread settled at 988 yuan/tonne, narrowing by 85 yuan/tonne from 1,073 yuan/tonne last week. The turnover for palm oil turned light this week with lower activity of buyers. The turnover for palm oil this week is 13,100 tonnes compared with 19,500 tonnes last week. But the palm oil stock later may rise as the bad import margin for May and small purchase volume for palm oil cargoes in China.
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 March this week keep flat with 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), and the estimate for April this week remains unchanged from last week to settle at 470,000-520,000 tonnes (24-degree 350,000-400,000 tonnes and industrial palm oil 120,000 tonnes). The estimate of import volume for May is 470,000 tonnes (24-degree palm oil 350,000 tonnes and industrial palm oil 120,000 tonnes).
