This week (as of Nov. 1), edible palm oil stock totals 534,600 tonnes at domestic ports, down 7.8% from 580,000 tonnes last week and down 2,100 tonnes or 0.4% from 536,700 tonnes the same period last month and up 134,400 tonnes or 33.6% from 400,200 tonnes the same period last year. Meanwhile, industrial palm oil stock at domestic ports totals 149,600 tonnes, up 11,200 tonnes or 8.1% from 138,400 tonnes last week.

As of this Friday, the price gap between soybean oil and palm oil has narrowed, of which it settles down 77 yuan/tonne at 1,218 yuan/tonne from 1,295 yuan/tonne last week. However, foreign palm oil futures continue to rise, and some buyers still buy on the dips, so the trading volume at a low continues to improve. This trading volume of palm oil totals 45,600 tonnes this week, up 18,100 tonnes or 65.8% from 27,500 tonnes last week. In addition, palm oil stock falls again this week due to fewer cargoes arriving at ports.

The monthly import volume of RBD palm olein from November to December is predicted to reach around 500,000 tonnes on average. And it will be easy to stimulate domestic purchases of cargoes once the import profits enlarge. Besides, the usage volume for palm oil as a blending oil will be also restricted with the temperature decreasing, so it is possible that domestic palm oil stock will rise in the late period.

Region /Port	Edible Palm Oil Stocks（0'000 mT）					Industrial Palm Oil Stocks
	W44	W43	Change	M-O-M	Y-O-Y	W44	W43	Change
Tianjin Port	7	9.8	-2.8	-38.80%	-34.60%	4.05	2.9	1.15
Hebei	0.45	0.5	-0.05	50.00%	50.00%	0.07	0.12	-0.05
Shandong Port	3.06	3.72	-0.66	-19.50%	47.80%	1.26	1.43	-0.17
East China	16.4	16.2	0.2	36.10%	43.90%	6.65	6.95	-0.3
Guangdong	20.85	20.85	0	16.50%	85.00%	2.55	2	0.55
Guangxi	2.5	3.33	-0.83	-18.60%	40.44%	0.38	0.44	-0.06
Fujian	3.2	3.6	-0.4	-37.25%	28.00%	0	0	0
Total：	53.46	58	-4.54	-0.40%	33.60%	14.96	13.84	1.12

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

According to the latest statistics by Cofeed, the estimate of import volume for November this week is 620,000 tonnes unchanged from last week (RBD palm olein 500,000 and industrial palm oil 120,000 tonnes), and the estimate for December is also unchanged with last week at 620,000 tonnes (RBD palm olein 500,000 and industrial palm oil 120,000 tonnes).