I. National stocks

Edible palm oil stocks in China continue falling this week, mainly due to less arrival of cargo ships and better trading. In the week ending Mar 19, edible palm oil stocks in China total 497,300 tonnes at nationwide ports, down 11.2% from 560,300 tonnes last week; down 177,200 tonnes or 26.27% from 674,500 tonnes in the previous month; down 324,300 tonnes or 39.47% from 821,600 tonnes in the corresponding period last year. In the same period in former years, palm oil inventories were 749,500 tonnes in 2019, 648,400 tonnes in 2018 and 583,600 tonnes in 2017. On an average from 2016-2020, palm oil stocks reached 660,000 tonnes. Additionally, industrial palm oil stock at domestic ports amounts to 120,000 tonnes, a growth of 2,300 tonnes or 1.95% versus 117,700 tonnes in the previous week. Edible palm oil stockpiles will likely keep declining in the near term as palm oil imports in March have dropped.

II. Goods Arrivals

China’s palm oil imports in March are expected to be 400,000 tonnes (RBD palm olein 250,000 tonnes and industrial palm oil 150,000 tonnes), according to Cofeed’s latest statistics. And China is projected to bring in 550,000 tonnes of palm oil (RBD palm olein 400,000 tonnes and industrial palm oil 150,000 tonnes) in April. Both are unchanged from the estimate in the previous week

III. Margins and Shipments