棕榈油震荡运行，逢低做多

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - The palm oil price is expected to fluctuate in the short - term, and it is advisable to buy on dips. The supply - side is expected to be loose, which suppresses the vegetable oil price. The latest export data of Malaysian palm oil from the 1st to the 25th shows a month - on - month decline, increasing inventory pressure and weighing on the palm oil price. The domestic price is stable, with light trading volume, mainly executing previous contracts [2]. 3. Summary According to the Directory 3.1 Palm Oil Price Market Review - The report shows a chart of the domestic soybean - palm oil futures price difference trend (yuan/ton), but specific data analysis is not provided [4]. 3.2 Supply Situation Analysis - The report presents a chart of China's palm oil import data, but specific data analysis is not provided [6]. 3.3 Demand Situation Analysis - The report shows a chart of the average transaction price statistics of palm oil (yuan/ton), but specific data analysis is not provided [8]. 3.4 Cost - Profit Analysis - The report presents a chart of palm oil import cost and profit (yuan/ton), but specific data analysis is not provided [10]. 3.5 Market Outlook - The domestic spot price remains low, the basis fluctuates weakly, and there has been a long - term situation of having prices but no market. The continuous increase in ship purchases for the near - term, especially for the November shipment, has led to an overly loose near - end supply. Coupled with weak spot demand, even if the futures price drops significantly, the basis still has no chance to rise. To relieve inventory pressure, middle - and upstream enterprises sell at discounted prices, and terminal low - price replenishment increases. Waiting for the realization of the expected production reduction in the producing areas or news guidance, the palm oil price has certain support at the bottom in the short - term and is expected to mainly fluctuate [12].