棕榈油期货日报-20251023

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Recent performance at the origin and demand sides is decent, but there is still a lack of obvious bullish factors. Affected by the decline in crude oil prices and the weakening of the oil market, palm oil prices both at home and abroad continued to decline slightly on the day. The p2601 contract of Dalian palm oil still rose and then fell during the day, with four consecutive days of decline in the daily line. In the short term, the price of the p2601 contract is likely to continue the volatile consolidation trend. In the future, attention should be paid to the biodiesel policy, origin data, and the trends of other oils [12]. 3. Summary by Related Catalogs 3.1 Futures Market - Contract Market: On October 21, 2025, the price of the main palm oil p2601 contract opened lower and consolidated during the day, rose in the afternoon session and then fell with a reduction in positions at the end of the session, closing at 9,294 yuan/ton, a decrease of 24 yuan/ton or 0.26% from the previous day's closing price. The trading volume was 553,500 lots, an increase of 92,100 lots from the previous day, and the open interest was 333,700 lots, a decrease of 10,600 lots from the previous day [2]. - Variety Prices: The total trading volume of all palm oil futures contracts was 628,800 lots, and the total open interest of the variety was 477,500 lots, a decrease of 11,100 lots from the previous day [4]. - Related Market: On the same day, the main 01 contract of the Malaysian BMD futures fell again, closing at 4,508 ringgit/ton, a decrease of 0.13% from the previous day's closing price [5]. 3.2 Spot Market - Spot Price and Basis Data: The average spot price of 24 - degree palm oil in China on the day was 9,390 yuan/ton, unchanged from the previous day's average price, and the basis continued to strengthen [5]. - Registered Warehouse Receipts: The number of registered warehouse receipts on the day was 600 lots, with no increase or decrease from the previous day [8]. - Import Profit: The cost of importing Malaysian palm oil increased slightly on the day, and the import profit loss deepened [10]. 3.3 Influencing Factors - Export and Production Data: According to the data of high - frequency institutions ITS and AmSpec Agri, the exports of Malaysian palm oil in the first 20 days of October were 1.0448 million tons and 0.9651 million tons respectively, an increase of 3.4% and 2.5% respectively compared with the same period last month. According to the data of SPPOMA, the yield per unit of Malaysian palm oil in the first 20 days of October increased by 1.45%, and the output increased by 2.71% month - on - month [9]. - Policy: Indonesian government officials held a meeting to discuss the preparations for B50 (mixing 50% of palm oil biodiesel with diesel) and E10 (mixing 10% of ethanol with gasoline), and considered restricting the export volume of crude palm oil to increase the production of biodiesel [9][11]. - Domestic Inventory: As of October 17, the total domestic palm oil inventory was 549,000 tons, a weekly increase of 26,000 tons; the contract volume was 40,000 tons, a weekly decrease of 17,000 tons. Recently, the arrival volume of purchased palm oil in China has gradually increased, the market trading has remained light, and the inventory has slowly accumulated [11].