I．National stocks
This week (as of Jun. 14th), edible palm oil stock totals 679,200 tonnes at domestic ports, down 7.8% from 736,500 tonnes last week and down 137,900 tonnes or 16.88% from 817,100 tonnes month on month, and up 87,100 tonnes or 14.71% from 592,100 tonnes year on year. Meanwhile, industrial palm oil stock at main domestic ports totals 133,100 tonnes, down 8,500 tonnes or 6% from 141,600 tonnes last week.
China's edible palm oil stock this week obviously declines and the palm oil arrivals are not a lot.
As of this Friday, the spread between palm oil and soybean oil has expanded by 27 yuan/tonne from 928 yuan/tonne last week to 955 yuan/tonne. Palm oil trading upon low price becomes better this week. The turnover for palm oil this week is 41,800 tonnes, up 83.3% from 22,800 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, and those for July and August are very few too, so palm oil stock could further 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 increases 30,000 tonnes from last week at 440,000-470,000 tonnes (24-degree 320,000-350,000 tonnes and industrial palm oil 120,000 tonnes). The estimate of import volume for July is unchanged from last week at 370,000-420,000 tonnes (24-degree palm oil 250,000-300,000 tonnes and industrial palm oil 120,000 tonnes).
