原油价格再涨，油脂跟随震荡

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [3] Group 2: Core View of the Report - The prices of the three major oils fluctuated. The recent escalation of the Middle - East situation led to a rise in international crude oil prices. Indonesia plans to accelerate the road test of B50 biodiesel to prevent the impact of Middle - East conflicts on crude oil supply, which provides short - term support for the oil market [2] Group 3: Market Analysis Futures - The closing price of the palm oil 2605 contract was 9684.00 yuan/ton, with a month - on - month change of +158 yuan and a change rate of +1.66% - The closing price of the soybean oil 2605 contract was 8632.00 yuan/ton, with a month - on - month change of +62.00 yuan and a change rate of +0.72% - The closing price of the rapeseed oil 2605 contract was 9769.00 yuan/ton, with a month - on - month change of - 9.00 yuan and a change rate of - 0.09% [1] Spot - The spot price of palm oil in Guangdong was 9730.00 yuan/ton, with a month - on - month change of +280.00 yuan and a change rate of +2.96%. The spot basis was P05 + 46.00, with a month - on - month change of +122.00 yuan - The spot price of first - grade soybean oil in Tianjin was 8850.00 yuan/ton, with a month - on - month change of +190.00 yuan/ton and a change rate of +2.19%. The spot basis was Y05 + 218.00, with a month - on - month change of +128.00 yuan - The spot price of fourth - grade rapeseed oil in Jiangsu was 10370.00 yuan/ton, with a month - on - month change of - 10.00 yuan and a change rate of - 0.10%. The spot basis was OI05 + 601.00, with a month - on - month change of - 1.00 yuan [1] Group 4: Recent Market Information - According to SGS, the estimated export volume of palm oil from Malaysia from March 1st to 10th was 346,061 tons, a 26.54% increase compared to the 273,472 tons exported from February 1st to 10th - In February, India's palm oil imports increased by about 11% to 847,689 tons, soybean oil imports increased by 7% to 299,046 tons, and sunflower oil imports decreased by about 45% to 145,308 tons. The total import volume of vegetable oils in India decreased by 2% to 1.32 million tons - As of the week ending March 11th, Singapore's fuel oil inventory increased by 871,000 barrels to a five - week high of 24.157 million barrels [2]