Palm oil export from the world’s largest producer jumped 12.22% in November month-on-month recording the largest pace of increase in 4 months propelled by robust shipment to China (20.45%), India (3.26%) and Pakistan (28.99%) – cargo surveyor ITS data showed. Exports to the top 3 destinations made up 46% of the overall volume in the month with shipment to China registering the largest volume in 15 months at 512,586 tons, as the country ramp up stocking ahead of the next large seasonal demand for Chinese New Year due on 12th of February. RBD palm olein export to China surged by 18.23% in November m-o-m. China been increasing coverage of edible oil given the persistent deficit in palm and soybean oil stocks. Palm oil stocks have been in deficit for 9 consecutive months, year-on-year basis in China with November ending stocks down 30%, and soybean oil stocks at just 1.73% higher than the same time last year. Palm exports to China will remain high near half a million tons in December dominated by RBD palm olein product.
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