China palm oil imports may rise as reserves drop


  • Commodities
  • Friday, 25 Sep 2020

PALM Oil imports by China, the largest buyer after India, may pick up in coming months as import margins have improved amid low inventories, China National Grain & Oils Information Center said in a report on Thursday.

China’s palm oil imports in October may rise to 600,000 tonnes from estimated 550,000 tonnes this month, the center said.

Shipments may rise further to 650,000 tonnes in November.

Palm oil inventories estimated at 320,000 tonnes, down 230,000 tonnes year-on-year.

Malaysia’s palm oil exports rose by 9.37% month-on-month during Sept 1-20, according to Intertek Testing Services.

Palm oil on Bursa Malaysia Derivatives fell 3.6%, the biggest drop since July, to close at RM2,757 a tonne on Thursday.

CPO for third month delivevery rose RM22 to RM2,779 per tonne at 11.30am on Friday, off the intra-morning high of RM2788. - Bloomberg

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crude palm oil , exports , inventory

   

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