棕榈油期货：震荡偏弱

Group 1: Report Industry Investment Rating - The investment rating for palm oil futures is "Oscillating Weakly" [1] Group 2: Core Viewpoints of the Report - The domestic palm oil 2605 main contract trended weakly last week, closing at 8,552 yuan/ton, a week - on - week decrease of 210 yuan or 2.4%. The BMD crude palm oil futures also maintained an oscillating weak trend. The short - term inventory pressure of Malaysian palm oil in December still exists, limiting the increase in futures prices. The 1 - 5 price spread of domestic palm oil on the Dalian Commodity Exchange widened, the basis quote increased after the contract month change, and future arrivals will decrease, so the basis is relatively strong. In the short term, palm oil is expected to mainly oscillate [1] Group 3: Summary by Relevant Catalogs Market Review and Outlook - The domestic palm oil 2605 main contract, the core of market trading, trended weakly throughout the week. After the release of the MPOB monthly report on Wednesday, bearish news led to an accelerated decline in futures prices, and it closed weakly on Friday. The BMD crude palm oil futures were also under pressure. Although there was short - term support from the residual expectation of production cuts at the beginning of the week, with the release of data showing increased production and weak exports from December 1 - 10, the market was significantly under pressure, and it was still in a weak range. It was also dragged down by the weakening of US soybean oil [1] Factors to Watch - Malaysia's palm oil production and export data, the repair change of the soybean - palm oil price spread, and the implementation progress of Indonesia's B50 biodiesel policy [2] Palm Oil Shipping Schedule Quotations and Import Profit Calculations - The import costs of palm oil from January to May 2026 are 8,682, 8,729, 8,744, 8,742, and 8,734 yuan/ton respectively, and the corresponding on - disk profits are - 182, - 229, - 244, - 242, and - 234 yuan/ton [3]