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China’s Palm Oil Stocks and Arrivals Weekly (Week 25, 2019)

2019-06-25 www.cofeed.com
      I.National stocks


      This week (as of Jun. 21), edible palm oil stock totals 689,200 tonnes at domestic ports, up 1.5% from 679,200 tonnes last week and down 66,900 tonnes or 8.8% from 756,100 tonnes month on month, and up 71,600 tonnes or 11.59% from 617,600 tonnes year on year. Meanwhile, industrial palm oil stock at main domestic ports totals 137,830 tonnes, up 4,730 tonnes or 3.55% from 133,100 tonnes last week. The edible palm oil stock this week stops declining and increases. And the arrivals of palm oil go up. Besides, the spread between palm oil and soybean oil slightly expands. As of this Friday, the spread between palm oil and soybean oil is 958 yuan/tonne, up 3 yuan/tonne from 955 yuan/tonne last week. However, as the decline of oils on DCE weighs on buyers' activity, the turnover of palm oil this week is 35,300 tonnes, down 15.56% from 41,800 tonnes last week. But palm oil stock is possible to decline as the palm oil shipments for July and August are not many and palm oil demand is expected to keep increasing on the rising temperature. 


      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 June this week rise by 20,000 tonnes from last week to settle at 460,000-470,000 tonnes (24-degree palm oil 340,000-350,000 tonnes and industrial palm oil 120,000 tonnes), and the estimate for July this week is unchanged from last week at 370,000-420,000 tonnes (24-degree 250,000-300,000 tonnes and  industrial palm oil 120,000 tonnes). The estimate of import volume for August is 420,000-470,000 tonnes (24-degree palm oil 300,000-350,000 tonnes and industrial palm oil 120,000 tonnes).