SunSirs: China Domestic Palm Oil Supply may Loose in the Fourth Quarter of 2024
September 02 2024 14:59:44 SunSirs (Selena)
On August 30th, the National Grain and Oil Information Center reported that with the improvement of palm oil import profits in recent times, enterprises have increased their purchases of palm oil imports. Ship schedule monitoring shows that the expected arrival volume of palm oil at ports in China from August to October is 300,000 tons, 360,000 tons, and 420,000 tons, respectively.
On August 23rd, the domestic palm oil inventory rose to 590,000 tons, only a decrease of 70,000 tons compared to the same period last year. Currently, the procurement of shipping schedules from October to December is still underway. Considering the continuous increase in palm oil production in Southeast Asia and the temporary export pressure, China's palm oil import profits are expected to improve, which will further promote the increase of domestic ship purchases. It is expected that the domestic palm oil supply will turn loose in the fourth quarter, and the price range will fluctuate.
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.
