I. National stocks

Palm oil stocks in China stop declining and start recovering due to intensive palm oil arrivals at ports. In the week ending June 19, edible palm oil stock totals 395,800 tonnes at domestic ports, up 12.4% from 352,100 tonnes a week earlier; down 33,500 tonnes or 7.8% from 429,300 tonnes the same period last month; down 293,700 tonnes or 42.57% from 689,200 tonnes the corresponding period last year. Meanwhile, industrial palm oil stock at domestic ports totals 93,300 tonnes, an advance of 6,600 tonnes or 7.6% from 86,700 tonnes in the previous week. Additionally, Chinese buyers still purchase few boatloads of palm oil in later period, leading to low inventory of palm oil.

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

II. Goods Arrivals

According to the latest statistics by Cofeed, palm oil imports forecast at 450,000-470,000 tonnes (RBD palm olein 330,000-350,000 tonnes and industrial palm oil 120,000 tonnes) in June and up 30,000 tonnes from last week; 450,000-470,000 tonnes (RBD palm olein 330,000-350,000 tonnes and industrial palm oil 120,000 tonnes) in July, up 30,000 tonnes from the previous week; 500,000 tonnes (RBD palm olein 380,000 tonnes and industrial palm oil 120,000 tonnes) in August.

III. Margins and Shipments