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China’s Palm Oil Stocks and Arrivals Weekly (Week 26, 2020)

2020-06-30 www.cofeed.com

I. National stocks

 

Palm oil stocks in China keep recovering this week. In the week ending June 26, edible palm oil stock totals 410,100 tonnes at domestic ports, up 3.6% from 395,800 tonnes a week earlier; down 7,000 tonnes or 1.7% from 417,100 tonnes the same period last month; down 249,000 tonnes or 37.78% from 659,100 tonnes the corresponding period last year. Meanwhile, industrial palm oil stock at domestic ports totals 103,800 tonnes, an advance of 10,500 tonnes or 11.25% from 93,300 tonnes in the previous week. In July, the arrival of RBD palm olein at ports will increase to more than 400,000 tonnes, according to the latest estimate by market. Besides, the price spread between soybean oil and palm oil is narrowing continually, which is 445 CNY/tonne for the moment. This will curb market demand for palm oil. Thus, palm oil stocks at ports are projected to continue rising.

 

Region
/Port

Edible Palm Oil Stocks0'000 tonne

Industrial Palm Oil Stocks

W26

W25

Change

M-O-M

Y-O-Y

W26

W25

Change

Tianjin Port

8.1

7.9

0.2

-11.96%

-23.22%

1.8

1.4

0.4

Hebei

0.24

0.3

-0.06

-65.71%

140.00%

0.04

0

0.04

Shandong Port

3.95

3.72

0.23

102.56%

-16.84%

0.75

0.45

0.3

East China

14.95

12.7

2.25

15.44%

-41.85%

5.7

5

0.7

Guangdong

11.68

11.25

0.43

-21.92%

-40.41%

1.57

2.15

-0.58

Guangxi

1.42

2.36

-0.94

184.00%

-38.26%

0.52

0.33

0.19

Fujian

0.67

1.35

-0.68

-53.79%

-76.89%

0

0

0

Total

41.01

39.58

1.43

-1.68%

-37.78%

10.38

9.33

1.05

 

 

II. Goods Arrivals

 

According to the latest statistics by Cofeed, palm oil imports forecast at 470,000 tonnes (RBD palm olein 350,000 tonnes and industrial palm oil 120,000 tonnes) in June and up 20,000 tonnes from last week; 520,000 tonnes (RBD palm olein 400,000 tonnes and industrial palm oil 120,000 tonnes) in July, up 50,000 tonnes from the previous week; 500,000 tonnes (RBD palm olein 380,000 tonnes and industrial palm oil 120,000 tonnes) in August, unchanged with last week.

 

III. Margins and Shipments

 

Date

Sailing Schedule

CNF
USD/tonne

Duty Paid
(CNY/tonne)

DCE
(CNY/tonne)

Import Margin

6/22/2020

Jul, 2020

640

5451

5148

-303

6/22/2020

Aug, 2020

630

5367

5148

-219

6/22/2020

Oct, 2020

617.2

5259

5062

-197

6/23/2020

Jul, 2020

640

5451

5104

-347

6/23/2020

Aug, 2020

630

5367

5104

-263

6/23/2020

Oct, 2020

617.5

5262

5016

-246

6/24/2020

Jul, 2020

640

5446

5114

-332

6/24/2020

Aug, 2020

630

5361

5114

-247