Taking advantage of palm oil price slump in July, China increased palm oil imports to 491,000 MT in July, 47% more than the month before and 37% more than the same period of last year. Between Jan. and July, China imported 3.16 million MT palm oil, an increase of 17% on the year-on-year basis.
China’s reasonable palm oil stock at ports is 300,000 ~ 350,000 MT, but stock went up to 500,000 MT in early Aug. The huge stock plus low palm oil price in the Chinese market tend to curb palm oil imports in Aug.
According to Malaysian SGS, Malaysia exported 264,400 MT palm oil to China during April 1 ~ 20, an increase of 23.6% over the same period of last month. BOABC predicts that China’s palm oil imports may be 350,000 MT in Aug.
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