I．National stocks

      This week (as of May. 31st), edible palm oil stock totals 729,400 tonnes at domestic ports, down 3.5% from 756,100 tonnes last week and down 49,100 tonnes or 6.3% from 778,500 tonnes month on month, and up 96,900 tonnes or 15.32% from 632,500 tonnes year on year. Meanwhile, industrial palm oil stock at main domestic ports totals 140,800 tonnes, down 7,400 tonnes or 5% from 148,200 tonnes last week.

      China's edible palm oil stock this week further declines. The spread between palm oil and soybean oil narrows this week. As of this Friday, the spread was 923 yuan/tonne,  down 10 yuan/tonne from 933 yuan/tonne last week. However, with a rise of oils futures in both China and abroad,  temperature rise and the buyers' purchase upon low prices, the turnover for low prices keep increasing. The turnover of palm oil this week was 47,100 tonnes, up  47.65% from 31,900 tonnes last week. Palm oil demand is expected to keep increasing on the further rise of temperature. Moreover, the palm oil shipments for June are not many, known to be only about 14 for now, and those for July and August are very few too, so it is still favorable to destocking.

      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 May this week remains unchanged from last week at 470,000-550,000 tonnes (24-degree palm oil 350,000-400,000 tonnes and industrial palm oil 120,000-150,000 tonnes), and the estimate for June this week remains unchanged from last week at 410,000 tonnes (24-degree 290,000 tonnes and  industrial palm oil 120,000 tonnes). The estimate of import volume for July this week decline 50,000 tonnes from last week at 370,000 tonnes (24-degree palm oil 250,000 tonnes and industrial palm oil 120,000 tonnes).