I．National stocks
This week (as of Apr. 12th), edible palm oil stock totals 749,300 tonnes at domestic ports, down 1.6% from 761,900 tonnes last week and down 4,600 tonnes or 0.6% from 753,900 tonnes last month, and up 15,500 tonnes or 2.1% from 733,800 tonnes year on year. Meanwhile, industrial palm oil stock at main domestic ports totals 133,800 tonnes, up 5,500 tonnes by 4.3% from 128,300 tonnes last week.
The palm oil stock this week further declines, while the spread between palm oil and soybean oil further narrows. As of this Friday, the spread between palm oil and soybean oil is 953 yuan/tonne, narrowing 35 yuan/tonne from 988 yuan/tonne last week. Besides, as the sideways of oils on DCE weigh on buyers' activity, the turnover of palm oil this week is 5,350 tonnes compared with 13,100 tonnes last week. The import for 24-degree palm oil in April is expected to be 390,000-400,000 tonnes. Accordingly, palm oil stock in late April is likely to swell.
Fig.: China's palm oil stocks in recent years
II. Goods Arrivals
According to the latest statistics by Cofeed, the import estimate for April is expected to maintain the same level as the estimate last week to settle at 510,000-520,000 tonnes (24-degree palm oil 390,000-400,000 tonnes and industrial palm oil 120,000 tonnes), and the import estimate for May is 470,000 tonnes (24-degree 350,000 tonnes and industrial palm oil 120,000 tonnes).
