This week (as of Aug. 9th), edible palm oil stock totals 556,300 tonnes at domestic ports, down 7.7% from 602,700 tonnes last week and down 86,200 tonnes or 13.4% from 642,500 tonnes the same period last month, and up 56,300 tonnes or 11.26% from 642,500 tonnes the same period last year. Meanwhile, industrial palm oil stock at main domestic ports totals 121,100 tonnes, up 15,000 tonnes or 14.14% from 106,100 tonnes last week. 

The edible palm oil stock this week further declines in China, especially in South China and East China. And the palm oil arrivals are delayed by the weather. However, the palm oil supply is predicted to be basically sufficient and the stock is possible to increase when the August arrivals of 24-degree palm oil are estimated to be up to 530,000 tonnes, which is far higher than the normal 350,000-400,000 tonnes, and the average arrivals for Sept.-Oct. are 450,000 tonnes. Besides, trading volume becomes light as the previous strong demand of palm oil for biodiesel fuel blend in South China is affected by the continuing decline of crude oil and the worsening margin of biodiesel fuel blend. The total palm oil trading volume is 13000 tonnes, down 14800 tonnes or 53.23% from 27800 tonnes last week.

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

According to the latest statistics by Cofeed, the estimate of import volume for August this week decline by 50,000 tonnes from last week to settle at 650,000 tonnes (24-degree palm oil 530,000 tonnes and industrial palm oil 120,000 tonnes), and the estimate for Sept. this week is unchanged from last week at 570,000 tonnes (24-degree 450,000 tonnes and  industrial palm oil 120,000 tonnes). The estimate of import volume for Oct. is 570,000 tonnes (24-degree palm oil 450,000 tonnes and industrial palm oil 120,000 tonnes).