According to the customs, China’s palm oil imports were 520,000 MT in Dec., 28% more than the month before and 39% more than the same period of the previous year. Palm oil imports totaled 5.23 million MT in 2008, a growth of 2.5% on the year-on-year basis.
Palm oil stock at Chinese ports registered 340,000 MT in late Dec. and has dropped to 280,000 MT currently. As traders have left ports for the Spring Festival, trading is dull at ports.
World palm oil production and year-end inventory are estimated to be 43.19 million MT and 4.67 million MT in 2008/2009, up 4.6% and 13.3% respectively on the year-on-year basis. It is presumed that palm oil supply may be abundant this year.
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