I. National stocks

China’s edible palm oil stocks in China continue to fall due to a reduction in palm oil cargoes arriving this week. In the week ending Apr 23, edible palm oil stocks in China total 395,400 tonnes at nationwide ports, down 6.03% from 420,800 tonnes last week; down 133,000 tonnes or 25.71% from 528,400 tonnes in the previous month; down 44,000 tonnes or 10.01% from 439,400 tonnes in the corresponding period last year. In the same period in former years, palm oil stockpiles were 753,000 tonnes in 2019, 693,000 tonnes in 2018 and 592,200 tonnes in 2017. On an average from 2016-2020, palm oil stocks reached 574,600 tonnes. Additionally, industrial palm oil stock at domestic ports amounts to 131,900 tonnes, a decline of 4,200 tonnes or 3.09% versus 136,100 tonnes in the previous week.

II. Goods Arrivals

China’s palm oil imports in April are forecast to be 550,000 tonnes (RBD palm olein 400,000 tonnes and industrial palm oil 150,000 tonnes), up 70,000 tonnes from the prior estimate, 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), unchanged. And in June, palm oil imports are expected to be 520,000-550,000 tonnes (RBD palm olein 370,000-400,000 tonnes and industrial palm oil 150,000 tonnes).

III. Margins and Shipments