This week (as of Jan. 17), edible palm oil stock totals 839,100 tonnes at domestic ports, down 1.5% from 852,300 tonnes last week; up 113,800 tonnes or 15.7% from 725,300 tonnes the same period last month; up 244,200 tonnes or 41.05% from 594,900 tonnes the same period last year. Meanwhile, industrial palm oil stock at domestic ports totals 143,900 tonnes, up 22,400 tonnes or 18.43% from 121,500 tonnes last week.

This week, domestic edible palm oil stops rising and starts falling. And the demand for palm oil is seriously curbed by low winter temperature. Besides, the stockpiling before holiday is basically coming to an end, and dealers have successively left port and on their way home as there is only a few days away from Spring Festival. Overall, the trading volume of palm oil is not considerable, which totals only 17,800 tonnes this week. In addition, the import of RBD palm olein for January is predicted to be around 300,000-350,000 tonnes in view of slack season in oils market. And domestic palm oil stocks are still likely to increase.

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

According to the latest statistics by Cofeed, the estimate of import volume for January this week is 420,000-470,000 tonnes and flat from last week (RBD palm olein 300,000-350,000 tonnes and industrial palm oil 120,000 tonnes). And the estimate for February is 350,000 tonnes unchanged with last week (RBD palm olein 200,000 and industrial palm oil 120,000 tonnes).