This week (as of Aug 2nd), edible palm oil stock totals 602,700 tonnes at domestic ports, down 5% from 634,700 tonnes last week and down 96,600 tonnes or 13.81% from 699,300 tonnes the same period last month, and up 74,700 tonnes or 14.15% from 528,000 tonnes the same period last year. Meanwhile, industrial palm oil stock at main domestic ports totals 106,100 tonnes, down 1,800 tonnes or 1.7% from 107,900 tonnes last week.

China's edible palm oil stock this week further declines. The trading volume further increase when palm oil arrivals in South China are delayed by Typhoon Wipha and the arrivals in other regions are not a lot as well; the continuing rise of palm oil future in China buoyed some buyers purchase activities. The total trading volume this week is 27800 tonnes, up 9300 tonnes or 50.3% from 18500 tonnes last week. However, import dealers are active in palm oil purchase due to the increase of import margins previously. The August arrivals for 24-degree palm oil are likely up to 580,000 tonnes, far beyond the normal  350,000-400,000 tonnes amid the delay of some July arrivals and the potential of palm oil stocks rebound is expected.

Fig.: China's palm oil stocks in recent years

According to the latest statistics by Cofeed, the estimate of import volume for July this week remains unchanged from last week at 470,000-520,000 tonnes (24-degree palm oil 350,000-400,000 tonnes and industrial palm oil 120,000 tonnes), and the estimate for Aug. this week stay flat from last week at 700,000 tonnes (24-degree 580,000 tonnes and industrial palm oil 120,000 tonnes) amid some delay of July arrivals. The estimate of import volume for Sept. this week remains unchanged from last week at 570,000 tonnes (24-degree palm oil 450,000 tonnes and industrial palm oil 120,000 tonnes).