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China’s Palm Oil Stocks and Arrivals Weekly (Week 23, 2020)

2020-06-09 www.cofeed.com
I. National stocks
 
In the week ending June 5, edible palm oil stock totals 376,200 tonnes at domestic ports, down 9.8% from 417,100 tonnes a week earlier; down 112,400 tonnes or 23% from 488,600 tonnes the same period last month; down 360,300 tonnes or 48.9% from 736,500 tonnes the same period last year. Meanwhile, industrial palm oil stock at domestic ports totals 90,250 tonnes, a decline of 3,500 tonnes or 5.7% from 95,750 tonnes last week. It still sees not many cargoes of palm oil arrival. Besides, palm oil futures go up this week at home and abroad, so some buyers still purchase on the dips. Thus, the trading in palm oil market significantly goes better in lows compared with the previous week, totaling 73,800 tonnes, an increase of 39,850 tonnes or 117.38% from 33,950 tonnes last week. Additionally, Chinese buyers still purchase few boatloads of palm oil in later period, leading to low inventory of palm oil.
 

Region
/Port

Edible Palm Oil Stocks0'000 tonne

Industrial Palm Oil Stocks

W23

W22

Change

M-O-M

Y-O-Y

W23

W22

Change

Tianjin Port

10

9.2

0.8

62.07%

-39.39%

1.4

2.6

-1.2

Hebei

0.6

0.7

-0.1

12.22%

0.00%

0

0

0

Shandong Port

1.45

1.95

-0.5

-22.46%

-53.53%

0.925

1.035

-0.11

East China

11.4

12.95

-1.55

-27.62%

-60.42%

4.8

4.1

0.7

Guangdong

11.99

14.96

-2.97

-41.57%

-38.98%

1.74

1.71

0.03

Guangxi

1.38

0.5

0.88

-26.59%

-33.66%

0.16

0.13

0.03

Fujian

0.8

1.45

-0.65

-66.67%

-72.41%

0

0

0

Total

37.62

41.71

-4.09

-23.01%

-48.92%

9.025

9.575

-0.55

 
Fig.: China's palm oil stocks in recent years
 
II. Goods Arrivals
 
According to the latest statistics by Cofeed, palm oil imports in May forecast at 420,000-440,000 tonnes (RBD palm olein 300,000-320,000 tonnes and industrial palm oil 120,000 tonnes) and flat from last week; that for June is 420,000 tonnes (RBD palm olein 300,000 and industrial palm oil 120,000 tonnes) unchanged from the previous week; that for July is 370,000 tonnes (RBD palm olein 250,000 and industrial palm oil 120,000 tonnes) with no change from last week.
 
III. Margins and Shipments
 

Date

Sailing Schedule

CNF
USD/tonne

Duty Paid
(CNY/tonne)

DCE
(CNY/tonne)

Import Margin

6/1/2020

Jul, 2020

575

4935

4830

-105

6/1/2020

Aug, 2020

575

4935

4830

-105

6/3/2020

Jul, 2020

592

5072

4890

-182

6/3/2020

Aug, 2020

600

5140

4890

-250

6/3/2020

Sep, 2020

600

5140

4890

-250

6/4/2020

Jul, 2020

600

5150

4916

-234

6/4/2020

Nov, 2020

595

5107

4852

-255

6/5/2020

Jun, 2020

595

5087

4912

-175

6/5/2020

Jul, 2020

595

5087

4912

-175