I. National stocks

China’s edible palm oil stocks in China fall again due to a reduction in palm oil cargoes arriving this week. In the week ending Apr 16, edible palm oil stocks in China total 420,800 tonnes at nationwide ports, down 3.96% from 460,400 tonnes last week; down 76,500 tonnes or 15.38% from 497,300 tonnes in the previous month; down 185,100 tonnes or 30.55% from 605,900 tonnes in the corresponding period last year. In the same period in former years, palm oil stockpiles were 745,900 tonnes in 2019, 733,800 tonnes in 2018 and 569,600 tonnes in 2017. On an average from 2016-2020, palm oil stocks reached 620,900 tonnes. Additionally, industrial palm oil stock at domestic ports amounts to 136,100 tonnes, a growth of 31,000 tonnes or 29.5% versus 105,100 tonnes in the previous week.

II. Goods Arrivals

China’s palm oil imports in April are expected to be 480,000 tonnes (RBD palm olein 330,000 tonnes and industrial palm oil 150,000 tonnes), according to Cofeed’s latest statistics. In May, China is projected to bring in 580,000 tonnes of palm oil (RBD palm olein 430,000 tonnes and industrial palm oil 150,000 tonnes). Both are unchanged from the prior estimates.

III. Margins and Shipments