I．National stocks
This week (as of Jun. 28th), edible palm oil stock totals 659,100 tonnes at domestic ports, down 4.4% from 689,200 tonnes last week and down 70,300 tonnes or 9.6% from 729,400 tonnes the same period last month, and up 99,000 tonnes or 16.68% from 560,100 tonnes the same period last year. Meanwhile, industrial palm oil stock at main domestic ports totals 131,430 tonnes, down 6,400 tonnes or 4.6% from 137,830 tonnes last week.
The edible palm oil stock further decline this week on a few arrivals and a favorable trading upon low price last week, totally 32,600 tonnes for trading volume. Besides, with the favorable profit for palm oil import previously, China's importers make a lot of orders. The import volume of 24-degree palm oil for July and August is expected to be 300,000-350,000 tonnes. But palm oil stock is possible to decline as spread between soybean oil and palm oil is still at a high level 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 is unchanged 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 goes up 50,000 tonnes from last week to settle at 420,000-470,000 tonnes (24-degree 300,000-350,000 tonnes and industrial palm oil 120,000 tonnes); and 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).
