China’s palm oil stock is at a high level of 340,000 MT currently, including 104,000 MT at Tianjin Port, 24,500 MT at Rizhao Port, 98,000 MT at Zhangjiagang Port, 18,800 MT at Xiamen Port, 74,000 MT at Guangzhou Port and 12,000 MT at Ningbo Port.
With the drop of temperature, palm oil consumption shrinks in China.
International palm oil price is going south, having an impact on the Chinese market. Malaysia’s offer for palm oil of 24 degrees, 33 degrees and 44 degrees was $628/MT, $605/MT and $495/MT on Oct. 7, down 24%, 22% and 21% respectively from the previous month.
Palm oil stock was 1.95 million MT in Malaysia in Sept., 33% more than the same period of last year, creating a pressure on palm oil price.
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