基本面供需继续改善 棕榈油期货延续震荡偏强走势

Core Viewpoint - Palm oil futures are experiencing a strong oscillation, with the main contract reaching a peak of 8866.00 yuan and currently trading at 8772.00 yuan, reflecting a 1.32% increase [1]. Group 1: Market Analysis - Zhengxin Futures indicates that palm oil continues its oscillating strong trend, supported by a decrease in production and an increase in exports as reported in the MPOB December report, which noted a month-end inventory of 3.05 million tons [2]. - Copper Crown Jin Yuan Futures anticipates a short-term strengthening of palm oil prices, citing macroeconomic factors such as the investigation into the Federal Reserve Chairman and geopolitical tensions in Iran, which have contributed to rising oil prices [3]. - Hualian Futures expects domestic oilseeds to maintain a strong oscillating trend, with signs of improvement in palm oil exports in January and potential favorable developments regarding Canadian canola tariffs [3]. Group 2: Inventory and Production Insights - The MPOB report indicates that Malaysia's palm oil ending inventory for December was 3.05 million tons, slightly above expectations, but the market has absorbed this bearish news [3]. - High-frequency data shows a reduction in Malaysian palm oil production and an increase in demand in early January, which is expected to improve supply-demand dynamics and support price recovery [3].