市场快讯：利空出尽，棕榈油开启筑底回升

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The negative impact of the October supply - demand data of Malaysian palm oil from MPOB has been fully digested, and the export data has increased significantly, exceeding expectations. The overall data for October is more positive than expected. The vegetable oil sector has shown a trend of bottoming out after the release of the Malaysian palm oil supply - demand report, and new long positions can be entered [3]. 3. Summary by Related Catalogs Production - Reuters expected the production in October 2025 to be 194.4 million tons (+5.6%), the actual production in October 2025 was 204.4 million tons (+11.02%), the production in September 2025 was 184.1 million tons, and the production in October 2024 was 179.7 million tons [2]. Supply - demand Data | Indicator | October 2025 (Actual) | October 2025 (Expected) | Other Data | | --- | --- | --- | --- | | Production (million tons) | 204.4 (+11.02%) | 194.4 (+5.6%) | September 2025: 184.1; October 2024: 179.7 | | Import (million tons) | 3.6 (-53.73%) | 6 (-23.1%) | - | | Export (million tons) | 169.3 (+18.58%) | 148.2 (+3.8%) | - | | Ending Inventory (million tons) | 246.4 (+4.44%) | 244.4 (+3.5%) | - | [5] Market Outlook - Short - term continuous weakness in domestic palm oil futures, with an expected higher opening in the afternoon. The unusually high export volume of Malaysian palm oil in October may lead to an upward adjustment of the export forecast for November and a downward adjustment of the inventory forecast for November [3].