I．National stocks
This week (as of Jun. 7th), edible palm oil stock totals 736,500 tonnes at domestic ports, up 0.9% from 729,400 tonnes last week and down 96,600 tonnes or 11.6% from 833,100 tonnes month on month, and up 126,000 tonnes or 20.64% from 610,500 tonnes year on year. Meanwhile, industrial palm oil stock at main domestic ports totals 141,600 tonnes, up 800 tonnes or 0.6% from 140,800 tonnes last week.
The edible palm oil stock this week stops declining and increases. And the palm oil arrivals this week rise slightly. Besides, the spread between palm oil and soybean oil this week expands a bit. As of this Thursday, the spread was 928 yuan/tonne, up 5 yuan/tonne from 923 yuan/tonne last week. However, with a drop of oils futures in both China and abroad and the buyers' purchase upon low prices in these two weeks, the turnover this week obviously becomes thin. The turnover of palm oil this week was 28,800 tonnes, down 38.85% from 47,100 tonnes last week. However, palm oil demand is expected to keep increasing on the rising 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 palm oil stock could still decline.
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 is 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 basically 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 is is unchanged from last week at 370,000 tonnes (24-degree palm oil 250,000 tonnes and industrial palm oil 120,000 tonnes).
