油脂日报：印度棕榈油需求疲软，油脂延续震荡-20251106

Group 1: Report Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core Viewpoints - The demand for palm oil in India is weak, and the price of the three major oils is oscillating. The decline in India's palm oil imports and the increase in Malaysia's palm oil production put pressure on the overall palm oil market [1][3] Group 3: Market Analysis Futures - Yesterday, the closing price of the palm oil 2601 contract was 8,590 yuan/ton, a decrease of 26 yuan or 0.30% compared to the previous day [1] - The closing price of the soybean oil 2601 contract was 8,138 yuan/ton, an increase of 30 yuan or 0.37% [1] - The closing price of the rapeseed oil 2601 contract was 9,407 yuan/ton, a decrease of 36 yuan or 0.38% [1] Spot - In the Guangdong region, the spot price of palm oil was 8,520 yuan/ton, an increase of 20 yuan or 0.24%, and the spot basis was P01 + -70 yuan, an increase of 46 yuan [1] - In the Tianjin region, the spot price of first-grade soybean oil was 8,310 yuan/ton, a decrease of 10 yuan or 0.12%, and the spot basis was Y01 + 172 yuan, a decrease of 40 yuan [1] - In the Jiangsu region, the spot price of fourth-grade rapeseed oil was 9,760 yuan/ton, a decrease of 30 yuan or 0.31%, and the spot basis was OI01 + 353 yuan, an increase of 6 yuan [1] Group 4: Recent Market News India's Palm Oil Imports - India's palm oil imports in October dropped to a five-year low of 750,000 tons, down from 980,000 tons in September, due to increased domestic inventory, weak food industry demand, and a narrowing price gap with other oilseeds [2] Malaysia's Palm Oil Production - Malaysia's palm oil production from October 1 - 31 is estimated to have increased by 12.31% to 2.07 million tons, the highest level in eight years [2] EU's Climate Policy - The EU Council reached an agreement on amending the European Climate Law, maintaining the target of reducing net greenhouse gas emissions by 90% by 2040 compared to 1990 levels [2] India's Rapeseed Planting - India's rapeseed planting area is expected to reach a new high this year due to strong Chinese demand and favorable soil moisture, with an expected increase of 7 - 8% [2]